AceTraderFx Oct 31: DAILY MARKET OUTLOOK on Major - USD/JPY

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Oct 30: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 30 Oct 2020 09:30GMT

USD/JPY - 104.33
Although dollar's strong rebound from yesterday's 5-week low at 104.03 to 104.72 on usd's broad-based strength suggests choppy trading above September's 6-month 104.01 trough would continue, intra-day retreat to 104.13 in Asia indicates recovery has possibly ended but below 104.01/03 needed to extend medium term downtrend to 103.66 before correction.

On the upside, only above 104.72 would head to this week's high at 105.05 (Monday), break, 105.30/40 later.

On the calendar front, there is a slew of data from U.S. today, please refer to our EI page for more details. Focus will be on personal income and person spending, with street forecasts at 0.4% and 1.0% respectively versus prior readings of -2.7% and 1.0%.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 02: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 02 Nov 2020 09:30GMT

USD/JPY - 104.80
Despite dollar's resumption of decline from October's 106.10 high to a 5-week low of 104.03 last Thursday, subsequent erratic rise to 104.74 Friday, then intra-day break there suggests choppy trading above September's 6-month 104.01 trough would continue and marginal gain is likely, however, reckon 105.05 would cap upside and yield retreat.

On the downside, below 104.25/30 would head back to 104.01/03, then, 103.83/88.

On the calendar front, U.S. will release Markit manufacturing PMI at 14:45 GMT, followed by construction spending and ISM manufacturing PMI at 15:00 GMT. Also, as president election closes in, traders should pay attention to related headlines.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 03: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 03 Nov 2020 09:30GMT

USD/JPY - 104.57
Despite dollar's erratic rise from last Thursday's 5-week low at 104.03 to 104.94 in Europe yesterday, intra-day break below Monday's New York low at 104.64 suggests recovery has possibly ended, below 104.35/40 would add credence to this view and head to 104.01 (September's low), break would extend medium term downtrend to 103.80/90.

On the upside, only above 104.94 would risk gain to 105.05, above would yield 105.20/30.

Data to be released on Tuesday :
Japan market holiday, New Zealand GDP price index, Australia RBA interest rate decision.
Swiss CPI, France budget balance and U.S. redbook, ISM New York index, durables ex-defense revised, durable goods revised, factory orders, durables ex-transportation revised.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 04: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 04 Nov 2020 09:30GMT

USD/JPY - 104.92
Although dollar's intra-day sharp retreat after rally from Asian 104.38 low to near 2-week high of 105.34 suggests corrective rise from last Thursday's 5-week trough at 104.03 has made a temporary top and range trading would be seen before prospect of another upmove, above 105.34 would head to 105.70/74.

On the downside, only below 104.38 would indicate correction has ended instead, risks weakness to 104.03/13.

Data to be released later :
Italy Markit services PMI, France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, producer prices, UK labour productivity, Markit services PMI,.
anada trade balance, exports, imports, and U.S. MBA mortgage applications, ADP employment change, trade balance, Markit services PMI, ISM non-manufacturing PMI.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 05: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 05 Nov 2020 09:30GMT

USD/JPY - 104.30
Dollar's intra-day sideways move after yesterday's selloff from 105.34 in Asia to as low as 104.16 in New York suggests recovery from last Thursday's 3-week bottom at 104.03 has ended there and below September's 6-month trough at 104.01 would extend Medium Term decline to 103.75/80 after consolidation, however, loss of momentum would keep price above 103.50/60 and yield correction later.

On the upside, only above 104.90/00 would indicate a temporary low has been made and risk stronger retracement to 105.34, then 105.74 before down.

Data to be released on Thursday:
Japan Jibun Bank services PMI, Australia imports, exports, trade balance.
Swiss consumer confidence, Germany industrial orders, UK Markit construction PMI, BoE interest rate decision, asset purchase program, BoE QE total, BoE QE corporate bond purchases, BoE MPC vote hike, BoE vote unchanged, BoE vote cut.
U.S. initial jobless claims, continued jobless claims, labour cost index, productivity index, Fed interest rate decision.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 06: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 06 Nov 2020 09:30GMT

USD/JPY - 103.45
Despite dollar's rally from a 3-year trough at 101.19 to 111.71 in March, subsequent erratic fall to 104.01 in September, then yesterday's selloff below there on usd's weakness suggests correction has ended and consolidation with downside bias remains for weakness to 103.10/20 but 102.85/90 should hold today and yield rebound.

On the upside, only a daily close above 104.01/03 would indicate temporary low made and risks stronger retracement to 104.50/60.

Data to be released on Friday:
Germany industrial production, France current account, non-farm payrolls, trade balance, imports, exports, UK Halifax house price index, Italy retail sales.
Canada employment change, unemployment rate, Ivey PMI, and U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 09: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 09 Nov 2020 09:30GMT

USD/JPY - 103.55
Despite dollar's resumption of decline from 111.71 (March) to a 7-1/2 month low at 103.18 in Europe last Friday, subsequent strong rebound to 103.71 in post-NFP New York suggests temporary bottom is made and intra-day bounce from 103.20 (New Zealand) may head back to 103.65/70 before prospect of another fall.

Only above 104.01 would risk stronger retracement to 104.25/30, while below 103.18 would head to 102.90/00 but 102.65/70 should hold today.

Data to be released later :
Japan coincident index, leading indicator.
Swiss unemployment rate, Germany exports, imports, trade balance, current account, EU Sentix index.
Canada leading index on Monday.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109

AceTraderFx Nov 10
: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 10 Nov 2020 09:30GMT

USD/JPY - 105.01
Dollar's impressive rally yesterday from 103.20 (New Zealand) to 105.64 in New York on risk-on trade following Pfizer news of possible Covid-19 vaccine suggests recent decline has made a temporary low at Friday's 7-1/2 month trough of 103.18 and as price has rebounded after retreat to 104.83 (Asia) today, upside bias is retained, above 105.64 would head to 105.74, then 106.10 (October's top).

On the downside, only below 104.74 may risk stronger retracement to 104.30/40.

On the calendar front, U.S. will release JOLTS job openings at 13:55 GMT and we have a few Fed officials scheduled to speak later in New York session, please refer to our EI page for more details. Also, traders should remain cautious on election related headlines as well as development of Covid-19 vaccine.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 11: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 11 Nov 2020 09:30GMT

USD/JPY - 105.38
Although dollar's retreat after Monday's rally from 103.20 to 105.64 on jump in U.S. yields suggests upmove from last Friday's 7-1/2 month trough at 103.18 has made a temporary top, as 104.83 has contained weakness, consolidation with upside bias remains for gain to 105.95/00, however, reckon October's 106.10 high should hold.

On the downside, only below 104.74 would risk stronger retracement to 104.40/45 before prospect of another bounce.

Although U.S. markets will be closed for Veterans Day, traders should keep an eye out for U.S. elections headlines as President Donald Trump's lawyers push to challenge results.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

acetraderfx

AceTrader.com Representative
Messages
1,109
AceTraderFx Nov 12: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 12 Nov 2020 09:30GMT

USD/JPY - 105.21
Despite dollar's brief break above Monday's 105.64 high to a 3-week peak at 105.67 yesterday, subsequent retreat suggests temporary top is made and mild downside bias would be seen for weakness to 105.01 before prospect of another rise but October's 106.10 high should hold today.

On the downside, only below 104.74 would risk stronger retracement to 104.42/47.

On the calendar front, U.S. will release CPI MM/YY at 13:30 GMT, with street forecasts at 0.1%/1.3% versus prior readings of 0.2%/1.4%. At the same time, weekly jobless claims and continued jobless claims will be due out and consensus are at 735k and 6.900M respectively versus previous readings of 751k and 7.285M. Traders should also remain cautious on U.S. election related headlines.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 
Top