AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

AceTraderFx Nov 13: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 13 Nov 2020 09:30GMT

USD/JPY - 105.00
Although dollar's retreat after Wednesday's brief break above Monday's 105.64 high to a 3-week top at 105.67 suggests upmove from last Friday's 7-1/2 month 103.18 bottom has made a temporary top, as long as 104.70/74 holds, consolidation with upside bias remains for gain to 105.75/85 but 106.10 (October) should hold on first testing.

On the downside, only below 104.70/74 risks stronger retracement to 104.42/47 before another bounce.

Economic data to be released on Friday :
New Zealand manufacturing PMI, food price index.
Swiss producer and import price index, France CPI (EU norm), CPI, EU employment change, trade balance, GDP.
U.S. PPI, core PPI, University of Michigan sentiment on Friday.
 
AceTraderFx Nov 16: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 16 Nov 2020 09:30GMT

USD/JPY - 104.48
Despite dollar's rally from November's 7-1/2 month trough at 103.18 to a 3-week high at 105.67 last Wednesday, subsequent erratic fall to 104.57 on Friday, then intra-day break there suggests first leg of correction has ended and retracement to 104.43 (50% r) would be seen after consolidation before prospect of another bounce.

On the upside, above 104.87 would head to 105.14/15, above would extend gain to 105.62/67.

Data to be released today :
Japan GDP, GDP deflator, industrial output, capacity utilization, China house prices, industrial output, retail sales.
UK Rightmove house price index, Italy CPI, CPI (EU norm).
U.S. New York Fed manufacturing index, and Canada manufacturing sales on Monday.

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AceTraderFx Nov 17: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Nov 2020 09:30GMT

USD/JPY - 104.54
Despite yesterday's rally from 104.37 to 105.13 (Europe), subsequent retreat to 104.43 at Asian open today suggests first leg of correction from November's 7-1/2 month trough at 103.18 has ended at 105.67 last Wednesday and decline to 104.13 (61.8% r) would be seen after consolidation before prospect of rebound.

On the upside, only above 105.13/15 would revive bullishness for gain to 105.64/67 later.

ON the calendar front, U.S. will release a slew of data and we have a few Fed official scheduled to speak later in New York session, please refer to our EI page for more details.

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AceTraderFx Nov 18: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 18 Nov 2020 09:30GMT

USD/JPY - 103.87
Despite dollar's rally from November's 7-1/2 month trough at 103.18 to a 3-week high at 105.67 last Wednesday, subsequent erratic fall to 103.86 (Europe) today suggests temporary top is made and weakness to 103.30/35 would be seen after consolidation, however, reckon 103.18 should remain intact, yield another bounce.

On the upside, only a above 104.37 would risk stronger retracement to 104.57/61, break, 105.13/15.

The BOJ last week unveiled a scheme under which it will pay 0.1% interest on deposits held by regional lenders that cut costs, boost profits, or consolidate. The scheme was aimed at keeping Japan's banking system stable, and not tied to monetary policy, it said.

AceTrader - Best Intra-day Forex Trading Strategies
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AceTraderFx Nov 19: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 1 9 Nov 2020 09:30GMT

USD/JPY - 103.83
Dollar's resumption of decline from last Wednesday's 3-week high at 105.67 to an 8-day low at 103.66 yesterday suggests first leg of correction from November's 7-1/2 month trough at 103.18 has ended and intra-day bounce to 103.98 (Asia) on safe-haven usd buying may head to 104.21/24 after consolidation, however, reckon 104.37 should hold, yield retreat.

On the downside, only below 103.66 would risk another fall to 103.35/40 but 103.18 should remain intact.

On the calendar front, U.S. will release weekly jobless claims and continued jobless claims at 13:30 GMT, street forecasts are for 707k and 6.470M respectively versus prior readings of 709k and 6.786M. We also have a few Fed officials scheduled to speak, please refer to our EI page for more details.

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 Nov 20: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Nov 2020 09:30GMT

USD/JPY - 103.86
Dollar's intra-day sideways swings following retreat from yesterday's 104.21 high to 103.73 in Australia suggests recovery from Wednesday's 103.66 low has ended and consolidation would be seen before decline from November's 105.67 peak resumes and heads to 103.45/50, however, reckon November's 7-1/2 month trough of 103.18 would hold today.

On the upside, only above 104.21/24 would dampen bearishness and risk stronger retracement to 104.61/66.

On the calendar front, although there will be no economic data from U.S. today, we have a few Fed officials scheduled to speak later in New York session, please refer to our EI page for more details.

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 Nov 23: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 23 Nov 2020 09:30GMT

USD/JPY - 103.81
Despite dollar's strong rebound from last Wednesday's 8-day low of 103.66 to 104.21 on Thursday, subsequent retreat to 103.71 in New York Friday suggests recovery has ended and consolidation would be seen before heading to 103.45/50, however, loss of momentum should keep price above November's 7-1/2 month trough of 103.18.

On the upside, only above 104.21 would risk stronger retracement to 104.37, then 104.56/61.

Data to be released later:
France manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK manufacturing PMI, services PMI.
U.S. manufacturing PMI, services PMI and national activity 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 Nov 24: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 24 Nov 2020 09:30GMT

USD/JPY - 104.44
Despite dollar's resumption of decline from November's 105.67 peak to retrace upmove from November's 7-1/2 month trough at 103.18 to 103.66 last Wednesday, yesterday's rise from 103.69 to 104.63 due to broad-based usd's rally on upbeat U.S. PMI data, then 104.64 (Asia) today suggests temporary low is made and further headway to 105.13/15 would be seen after consolidation before prospect of retreat.

On the downside, only below 104.00 risks weakness to 103.70/80 later.

Data to be released on Tuesday:
Germany GDP, Ifo business climate, current conditions, expectations, UK distributive trades.
U.S. redbook retail sales, monthly home price, consumer confidence and Richmond manufacturing.

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 Nov 25: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 25 Nov 2020 09:30GMT

USD/JPY - 104.50
Dollar's jump from 103.69 to 104.63 on Monday due to rise in U.S. Treasury yields, then 104.75 in New York yesterday suggests recent decline from November's 105.67 peak has made a temporary low at 103.66 last Wednesday and consolidation would be seen before heading to 105.13/15

On the downside, only below 104.15 (Tuesday's low) may risk weakness to 103.86/90.

Although there will be no major economic data from the euro zone today, traders should remain cautious on price action in U.S. stocks. We also have ECB supervisory board member Kerstin af Jochnick scheduled to peak in a panel discussion at 11:15 GMT.

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 Nov 26: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 26 Nov 2020 09:30GMT

USD/JPY - 104.28
Despite dollar's jump from 103.69 on Monday to 104.75 (Tuesday) on rise in U.S. yields, subsequent retreat to 124.26 in Asia today suggests near term upmove from last Wednesday's 103.66 low has made a temporary top and weakness to 103.80/90 would be seen before prospect of another bounce.

On the upside, only above 104.75 risks gain to 105.13/15, break, 105.41/47.

The U.S. markets will be closed for Thanksgiving holiday but we could see a weaker dollar as investors remain optimistic that the coronavirus pandemic will be over soon as vaccine rolls out.
 
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