AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Oct 12: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 12 Oct 2020 09:30GMT

USD/JPY - 105.54
Despite dollar's resumption of upmove from September's 6-month trough t 104.01 to a 3-week high of 106.10 last Wednesday, subsequent fall to 105.44 (Asia) today suggests temporary top is made and further weakness to 104.95/00 would be seen after consolidation before prospect of rebound.

On the upside, only above 105.82/86 would risk re-test of 106.10, break, 106.26/29.

On the data front, Germany will release wholesale price index at 06:00 GMT and we have a few ECB officials due to speak later, please refer to our EI page for more details.

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AceTraderFx Oct 14: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 14 Oct 2020 09:30GMT

USD/JPY - 105.40
Dollar's fall from last Wednesday's 3-week high at 106.10 to 105.25 on Monday suggests upmove from September's 6-month trough of 104.01 has made a temporary top and as price has retreated after yesterday's rebound to 105.62, consolidation with downside bias remains for weakness to 104.95, break would head to 104.60/65.

On the upside, only a daily close above 105.62 risks gain to 105.98/00, then 106.10.

Data to be released on Wednesday:
Australia Westpac consumer sentiment, Japan industrial output, capacity utilization.
EU industrial production.
U.S. MBA mortgage applications, PPI, core PPI, redbook.

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AceTraderFx Oct 15: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 15 Oct 2020 09:30GMT

USD/JPY - 105.21
Despite dollar's resumption of upmove from September's 6-month trough at 104.01 to a 3-week high at 106.10 last Wednesday, subsequent fall to 105.04 in New York yesterday suggests temporary top is made and intra-day rebound would bring choppy sideways swings before prospect of another fall but 104.75/80 should hold, yield another bounce.

On the upside, only above 105.62 would risk gain to 105.80/82, break, 105.98/00.

Data to be released on Thursday :
Australia employment change, unemployment rate, China PPI, CPI, Japan tertiary industry activity index.
Swiss producer and import price index, France CPI 9EU norm), CPI, Italy industrial orders, industrial sales.
U.S. New York Fed manufacturing index, import prices, export prices, initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, and Canada ADP employment change.

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AceTraderFx Oct 16: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 16 Oct 2020 09:30GMT

USD/JPY - 105.23
Despite dollar's rebound from Wednesday's 105.04 low to 105.49 in New York yesterday, subsequent retreat and intra-day weakness to 105.20 in Asia suggests recovery has possibly ended and below 105.04 would extend decline from October's 106.10 high to 104.50/55 before prospect of another bounce.

On the upside, only above 105.62 would risk stronger gain to 105.82.

Data to be released later :
Italy CPI, CPI (EU norm), trade balance, EU trade balance, HICP, core HICP.
U.S. retail sales ex-autos, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment index, and Canada manufacturing sales

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AceTraderFx Oct 21: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 21 Oct 2020 09:30GMT

USD/JPY - 105.54

Despite dollar's resumption of decline from October's 3-week high at 106.10 to 105.04 last Wednesday, subsequent rebound to 105.61 today suggests temporary low is made and marginal gain would be seen after consolidation, however, reckon 105.82 should hold, yield retreat.

On the downside, below 105.31 would head to 105.04/09, break, 104.95.

On the data front, U.S. will release building permits, housing starts at 12:30 GMT, followed by redbook at 12:55 GMT. There will also be a few Fed officials scheduled to speak in New York session, please refer to our EI page for more details.

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AceTraderFx Oct 21: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 21 Oct 2020 09:30GMT

USD/JPY - 104.88
Dollar's intra-day selloff on usd's broad-based weakness and then break of previous October's 104.95 low suggests recent upmove from September's 6-month trough at 104.01 has made a temporary top at October's 106.10 high and stronger retracement to 104.60/70 would be seen after consolidation but 104.41/45 may hold, yield rebound.

On the upside, only above 105.31/36 would risk gain to 105.50/55 but 105.82 should remain intact.

Data to be released later:
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, PSNB, PSNCR, DCLG house price index.
U.S. MBA mortgage applications, and Canada CPI, core CPI, new housing price index, retail sales, retail sales ex-autos.

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AceTraderFx Oct 22: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Oct 2020 03:30GMT

USD/JPY - 104.60
Although dollar's rebound after yesterday's selloff to a near 1-month low at 104.35 suggests decline from October's 106.10 high to retrace upmove from September's 6-month trough at 104.01 has made a temporary bottom, intra-day retreat from 104.74 (Asia) has retained bearishness for weakness to 104.01/06 later.

On the upside, only above 104.95 would risk stronger retracement to 105.18/20, then 105.50/52.

Data to be released later on Thursday:
Germany GfK consumer sentiment, France business climate, UK CBI trends orders, EU consumer confidence.
U.S. initial jobless claims, continued jobless claims, existing home sales, leading index, KC Fed manufacturing index.

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AceTraderFx Oct 27: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 27 Oct 2020 09:30GMT

USD/JPY - 104.82
Despite dollar's strong rebound from last Wednesday's near 1-month low at 104.35 to 105.05 in New York yesterday, subsequent retreat to 104.68 today suggests recovery has possibly ended and consolidation would be seen before re-test of 104.35, break would extend marginal weakness but September's 104.01 trough should hold on first testing.

On the upside, only above 105.05/10 would risk gain to 105.30/40 but 105.74 should remain intact.

Data to be released on Tuesday:
France producer prices, UK CBI distributive trades.
U.S. durable goods, durables ex-transportation, durables ex-defense, redbook, monthly home price, CaseShiller home price index, consumer confidence, Richmond Fed manufacturing index.

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AceTraderFx Oct 28: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 28 Oct 2020 09:30GMT

USD/JPY - 104.19
Dollar's intra-day firm break of previous October's 104.35 low on cross-buying in yen suggests re-test of September's 6-month trough at 104.01 would be seen after consolidation, where break would extend decline from 111.71 (March) to 103.66, however, loss of momentum should keep price above 103.10 today.

On the upside, only above 104.55/56 would prolong choppy sideways swings, risks retacement to 104.83/88.

On the data front, U.S. will release MBA mortgage applications at 11:00 GMT followed by trade balance and wholesale inventories at 12:30 GMT.

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AceTraderFx Oct 29: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 29 Oct 2020 09:30GMT

USD/JPY - 104.30
Although dollar's rebound after yesterday's fall to a 5-week low at 104.12 suggests recent decline has made a temporary bottom, intra-day retreat from 104.50 (Asia) signals recovery has ended and re-test of September's 104.01 trough would be seen after consolidation, break would extend fall from 111.71 (March) to 103.80 but 103.66 should hold today.

On the upside, only above 104.88/93 would risk stronger retracement to 105.00/05, then, 105.20/30.

On the data front, U.S. will release third quarter GDP at 12:30 GMT, with street forecast at 31.0% versus prior reading of -31.4%. At the same time, weekly jobless claims and continued jobless claims will be released, with Reuters poll at 775k and 7.700M respectively versus previous readings of 787k and 8.373M. As U.S. Presidential election closes in, traders should pay attention to related headlines.

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