AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

AceTraderFx July 30: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 30 July 2021 09:30GMT

USD/JPY - 109.53
The greenback's selloff following the Federal Reserve's dovish hold on Wednesday and yesterday's release of soft U.S. GDP data to 109.37 in Australia today suggests correction from July's bottom at 109.07 has ended at 110.59 last Friday and consolidation with downside bias remains for a re-test of said support, break would extend MT decline to 108.70/80 before prospect of a rebound.

On the upside, only abv 110.28 would indicate a temporary low has been made and risk stronger gain to 110.59 again.

Data to be released on Friday:
Japan unemployment rate, industrial output, retail sales, construction orders, housing starts, consumer confidence, Australia PPI, France PPI.
Germany GDP, import prices, Swiss retail sales, KOF indicators, France CPI, Italy unemployment rate, GDP, CPI, EU HICP, GDP, unemployment rate.
U.S. personal income, personal spending, PCE price index, employment wages, employment costs, Chicago PMI, University of Michigan sentiment, Canada GDP, producer prices and budget balance.

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AceTraderFx Aug 02: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 02 Aug 2021 09:30GMT

USD/JPY - 109.65The greenback's selloff following the Federal Reserve's dovish hold on Wednesday and yesterday's release of soft U.S. GDP data to 109.37 in Australia today suggests correction from July's bottom at 109.07 has ended at 110.59 last Friday and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 108.70/80 before prospect of a rebound.

On the upside, only above 110.28 would indicate a temporary low has been made and risk stronger gain to 110.59 again.

Data to be released later:
Australia AIG manufacturing PMI, manufacturing PMI, Japan Jibun Bank manufacturing PMI, consumer confidence, China caixin manufacturing PMI.
Germany retail sales, Markit manufacturing PMI, Swiss CPI, retail sales, manufacturing PMI, Italy Markit manufacturing PMI, France Markit manufacturing PMI, EU Markit manufacturing PMI, U.K. Markit manufacturing PMI.
Canada market holiday, U.S. Markit manufacturing PMI, construction spending and ISM manufacturing PMI on Monday.

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AceTraderFx Aug 03: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 03 Aug 2021 09:30GMT

USD/JPY - 109.22
The greenback's selloff yesterday to 109.19 on broad-based risk-averse buying in jpy and intra-day break below there suggests a re-test of July's bottom at 109.07 would be seen after consolidation, break would extend decline from July's peak at 111.65 towards 108.70/80 after consolidation, however, loss of momentum would keep price above support at 108.57 and yield a much-needed rebound later.

On the upside, only above 109.82 would indicate a temporary bottom has been made and risk stronger retracement to 110.10/15 but 110.28 should remain intact.

Data to be released on Tuesday:
Japan Tokyo core CPI, Australia building permits, RBA rate decision.
Swiss consumer confidence, EU producer prices.
U.S. redbook, durables ex-defense, durable goods, factory orders, durables ex-transport, Canada Markit manufacturing PMI and New Zealand GDT price index.

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AceTraderFx Aug 04: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 04 Aug 2021 09:30GMT

USD/JPY - 109.19
The greenback's selloff yesterday to 109.19 on broad-based risk-averse buying in jpy and intra-day break below there suggests a re-test of July's bottom at 109.07 would be seen after consolidation, break would extend decline from July's peak at 111.65 towards 108.70/80 after consolidation, however, loss of momentum would keep price above support at 108.57 and yield a much-needed rebound later.

On the upside, only above 109.82 would indicate a temporary bottom has been made and risk stronger retracement to 110.10/15 but 110.28 should remain intact.

Data to be released on Wednesday:
Australia AIG construction index, services PMI, retail sales, New Zealand labour cost index, employment change, unemployment rate, Japan services PMI, China caixin services PMI.
France budget balance, Markit services PMI, Italy Markit services PMI, retail sales, Germany Markit services PMI, EU Markit services PMI, retail sales, U.K. Markit services PMI.U.S. MBA mortgage application, ADP employment change, Markit services PMI, ISM non-manufacturing PMI and Canada building permits.

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AceTraderFx Aug 05: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 05 Aug 2021 09:30GMT

USD/JPY - 109.61
Despite the greenback's selloff yesterday to a 2-month trough at 108.73 at New York open on the release of poor U.S. ADP data, subsequent rally to 109.67 on hawkish comments from Federal Reserve's Clarida, then 109.75 today suggests recent decline has made a temporary low there and consolidation with upside bias remains for stronger retracement to 110.10/20, however, overbought condition would keep price below 110.50/60.

On the downside, only below 108.88 would indicate aforesaid recovery has ended instead and risk re-test of said support, break would extend to 108.50/60.

U.S. will release a slew of eco. data, please refer to our EI page for details and pay attention to the usual weekly jobless claims and continued jobless claims at 12:30GMT. Fed Governor Waller (voter) will speak on "Central Bank Digital Currency" before an virtual event at 14:00GMT.

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AceTraderFx Aug 06: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 06 Aug 2021 09:30GMT

USD/JPY - 109.76
Despite the greenback's selloff yesterday to a 2-month trough at 108.73 at New York open on the release of poor U.S. ADP data, subsequent rally to 109.67 on hawkish comments from Federal Reserve's Clarida, then 109.75 today suggests recent decline has made a temporary low there and consolidation with upside bias remains for stronger retracement to 110.10/20, however, overbought condition would keep price below 110.50/60.

On the downside, only below 108.88 would indicate aforesaid recovery has ended instead and risk re-test of said support, break would extend to 108.50/60.

Data to be released on Friday:
Australia AIG services index, Japan all household spending coincident index, leading indicator, China export, import, trade balance.
Germany industrial output, U.K. Halifax house prices, France current account, Non-Farm payrolls, trade balance, imports, exports, Italy industrial output.
U.S. Non-Farm Payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, Canada employment change, unemployment change, and Ivey PMI.

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AceTraderFx Aug 09: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 09 Aug 2021 09:30GMT

USD/JPY - 110.20
Despite the greenback's selloff yesterday to a 2-month trough at 108.73 at New York open on the release of poor U.S. ADP data, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 108.88 would indicate aforesaid recovery has ended instead and risk re-test of said support, break would extend to 108.50/60.

Data to be released today:
China PPI, CPI, Swiss unemployment rate.
Germany exports, imports, trade balance, current account, EU Sentix index.
U.S. JOLTS job openings on Monday.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 10 Aug 2021 09:30GMT

USD/JPY - 110.46
Despite the greenback's selloff to a 2-month trough at 108.73 last Wednesday, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report and intra-day break above there suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 109.41 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, break would extend to 108.50/60.

Data to be released on Tuesday:
New Zealand retail sales, U.K. BRC retail sales, Japan current account, trade balance, Eco watchers current, Eco watchers outlook, Australia NAC business conditions, NAC business confidence.
Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
Canada leading index, U.S. labor costs, productivity and redbook retail sales.

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AceTraderFx Aug 11: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 11 Aug 2021 09:30GMT

USD/JPY - 110.76
Despite the greenback's selloff to a 2-month trough at 108.73 last Wednesday, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report and intra-day break above there suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 109.41 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, break would extend to 108.50/60.

On the data front, this week's market focus is today's U.S. inflation data, CPI and core CPI (see our EI page for details), a higher-than-expected reading will send U.S. yields and the greenback higher.
On Fedspeak, we have Atlanta President Bostic (voter) and Kansas City Fed President George (non-voter) speaking at 16:00GMT n 18:00GMT respectively.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Aug 2021 09:30GMT

USD/JPY - 110.40
Despite the greenback's selloff to a 2-month trough at 108.73 last Wednesday, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report and intra-day break above there suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 109.41 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, break would extend to 108.50/60.

Data to be released on Thursday:
U.K. RICS housing price balance, GDP, industrial output, manufacturing output, construction output, trade balance, Italy trade balance, EU industrial production.
U.S. jobless claims, continuing jobless claims and PPI.

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