AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

[acetraderfx]

AceTraderFx Mar 11: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 11 Mar 2016 09:04 GMT

USD/JPY - 113.74
Despite the greenback's rally to 114.56 last Tuesday, subsequent sharp retreat to 113.12 last Friday on poor U.S. wage growth data suggests further choppy trading below February's high at 114.88 would continue with mild downside bias and marginal weakness towards 112.80/90 is likely to be seen.
However, as broad-outlook remains consolidative, reckon price would hold well above support at 112.38 and yield rebound.

On the upside, only above 114.56 would revive bullishness for a re-test of 114.88, break would confirm erratic upmove from 110.99 has once again resumed and extend towards 115.30/40.

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AceTraderFx Mar 14: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 14 Mar 2016 08:41 GMT

USD/JPY - 113.74
As price has ratcheted higher in Asia today to 114.01 following last Thursday's selloff from 114.45 to 112.61, suggesting choppy trading inside this near term established broad range would continue and as long as sup at 113.34 (Friday's New York low) holds, mild upside bias remains for marginal gain to 114.15/15.However, dlr's upside should falter below 114.45.

On the downside, below 113.34 would signal aforesaid erratic rise has ended and yield subsequent weakness to 112.95/00.

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AceTraderFx Mar 16: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 16 Mar 2016 8:24 GMT

USD/JPY - 113.68
Despite yesterday's brief rise to 114.15 in Asian morning after Bank of Japan's rate decision, subsequent sharp retreat suggests further choppy trading inside recent broad range of 114.56-112.23 would continue with downside bias and weakness towards 112.61 would be seen, however, indicated lower level would remain intact and yield rebound later today.

On the upside, only above 114.15 would revive bullishness for a re-test of March's peak at 114.56, break would extend towards 114.88 before retreat.

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AceTraderFx Mar 17: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 17 Mar 2016 08:06 GMT

USD/JPY - 111.70
The greenback's selloff to 112.33 yesterday on dollar's broad-based weakness post the Federal Reserve's unchanged rate decision, then intra-day fall below said support to 111.48 signals recent erratic downtrend from March's high at 114.56 remains in progress and consolidation with downside bias remains for weakness towards 111.30/40, however, near term loss of momentum would keep price above support at 111.04.

On the upside, only above 112.63 would indicate a temporary low has been made and turn outlook bullish for a much-needed correction towards 112.96/00.

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AceTraderFx Mar 23: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 23 Mar 2016 09:08 GMT

USD/JPY - 112.57
Despite the greenback's selloff to as low as 110.67 last Thursday, subsequent strong rebound suggests MT decline has possibly made a temporary low there and consolidation with upside bias would be seen for gain towards 112.96, then 113.46/50.
However, near term loss of momentum would prevent strong move beyond there and risk would increase for a much-needed retreat later.

On the downside, only below 111.38 would indicate aforesaid correction has ended instead and turn outlook bearish for weakness towards 111.22, then 110.99.

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AceTraderFx Mar 24: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 24 Mar 2016 09:07 GMT

USD/JPY - 111.85
Dlr's intra-day brief break of yesterday's 112.91 high confirms near term upmove from last Thursday's 16-month bottom has once again resumed and as long as 112.30 (Asia low) holds, further gain to 113.30/34 is envisaged, however, loss of upward momentum should cap price well below res at 113.82 and yield subsequent strong retreat.
On the downside, below 112.30 would signal 1st leg of correction is over and risk weakness to 111.84/88, however, sup at 111.38 should continue to hold from here and yield another leg of upmove next week.

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AceTraderFx Mar 30: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 30 Mar 2016 08:16 GMT

USD/JPY - 112.11
Despite dollar's initial rise to 113.80 in European morning yesterday, subsequent intra-day selloff to 112.61 in New York afternoon on dovish remarks from Fed's Yellen and today's breach of this support confirms upmove from March's 16-month trough at 110.67 has made a temporary top there, consolidation with downside bias remains for stronger retracement to 111.87 (61.8%) but near term o/sold condition should keep price well above support at 111.38 today, yield rebound later.

On the upside, only above 112.81 would confirm 1st leg of correction over and bring gain to 113.15/24 but resistance at 113.46 should remain intact.

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AceTraderFx Apr 5: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 05 Apr 2016 09:02 GMT

USD/JPY - 110.48
Dollar's intra-day cross-inspired breach of March's 16-month bottom at 110.67 confirms MT downtrend from 2015 peak at 125.86 has resumed and further weakness to 110.09 and then 109.50/60 would be seen.
However, loss of momentum should keep price well above 109.00 today and yield rebound later.
On the upside, only a daily close above 111.06/10 would indicate a temporary low has been made and yield retracement to 111.37, then 111.80 before prospect of a retreat.

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AceTraderFx Apr 6: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 06 Apr 2016 09:17 GMT

USD/JPY - 110.32
Dollar's cross-inspired selloff to a fresh 17-month trough at 109.92 confirms MT downtrend from 2015 peak at 125.86 has resumed and further weakness to 109.80 and then 109.50/60 would be seen.
However, loss of momentum should keep price well above 109.00 ahead of FOMC minutes later today.

On the upside, only a daily close above 111.06/10 would indicate a temporary low has been made and yield retracement to 111.37, then 111.80 before prospect of a retreat.

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AceTraderFx Apr 8: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 08 Apr 2016 09:08 GMT

USD/JPY - 108.99
Despite dollar's selloff to a fresh 17-month trough at 107.67 in New York morning yesterday, subsequent rebound to 108.46, then 109.10 in European morning today signals MT downtrend has made a temporary low there and consolidation with upside bias would be seen.
However, reckon 109.50/60 would limit upside and yield another selloff later today or early next week.
On the downside, below 108.07 support would confirm correction over and bring re-test of 107.67, break would extend weakness towards 107.10/20.

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