AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Jul 09: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 09 Jul 2019 09:30 GMT

USD/JPY - 108.85
Dollar's rally to 108.63 last Friday on robust U.S. NFP data, then to 108.80 yesterday and intra-day break of this resistance suggests upmove from June's 5-1/2 month trough at 106.79 has once again resumed and consolidation with upside bias is retained and above 108.63 would extend to 109.02/10, then 109.30 before prospect of a correction due to loss of momentum.

On the downside, only below 107.54 would indicate a temporary top has been made and risk stronger weakness to 107.25, then 107.06/10.

On the data front, U.S. will later release Redbook sales, JOLTRS jobs openings, however, all eyes are on Wednesday's 2-day testimony before the Congress by Fed chief J. Powell as well as release of previous FOMC minutes. A number of Fed officials will be speaking in New York session, please refer to our EI section for details.

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AceTraderFx Jul 10: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 10 Jul 2019 09:30 GMT

USD/JPY - 108.95
Dollar's rally to 108.63 last Friday on robust U.S. NFP data, then to 108.97 yesterday and intra-day break of this resistance suggests upmove from June's 5-1/2 month trough at 106.79 has once again resumed and consolidation with upside bias is retained and above 108.63 would extend to 109.02/10, then 109.30 before prospect of a correction due to loss of momentum.

On the downside, only below 107.54 would indicate a temporary top has been made and risk stronger weakness to 107.25, then 107.06/10.

Data to be released on Wednesday :
France industrial output, Italy industrial output, UK GDP, industrial output, manufacturing output, trade balance.
U.S. mortgage applications, wholesale inventories and Canada BoC rate decision.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Jul 2019 09:30 GMT

USD/JPY - 108.07
Despite the greenback's resumption of upmove from June's 5-1/2 month trough at 106.79 to a 1-month peak at 108.99 in Asia yesterday, subsequent selloff in New York session to 107.86 today on Federal Reserve Chair Powell's dovish remarks to Congress suggests a temporary top has been made and consolidation with downside bias remains for weakness to 107.50/54, however, near term loss of momentum would keep price above 107.21.

On the upside, only above 108.36 would indicate said pullback has ended instead and risk gain to 108.63, then 108.99 early next week.

Data to be released on Thursday :
Germany CPI, HICP, France CPI, Canada new housing price index, U.S. weekly earnings, CPI, core CPI and Federal budget.

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AceTraderFx Jul 12: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 12 Jul 2019 09:30 GMT

USD/JPY - 108.27
Although the greenback has staged a recovery after yesterday's resumption of Wednesday's decline to 107.86 on Federal Reserve Chair Powell's dovish remarks to the Congress, as 108.61 has capped upside in Asia today, downside bias is retained and below 107.86 would extend decline from 108.99 (Wednesday) to 107.50/54 before prospect of a correction due to near term loss of momentum.

On the upside, only above 108.61 would revive bullishness for a re-test of 108.99, break would yield stronger retracement of medium-term fall to 109.26/30.

Data to be released later:
Germany wholesale price index, EU industrial output, U.S. PPI, core PPI and export prices.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Jul 2019 09:30 GMT

USD/JPY - 108.24
Despite dollar's fall from last Wednesday's 5-week peak at 108.99 to 107.81 on Friday, subsequent rebound and yesterday's rally to 108.37 (New York) on upbeat U.S. retail sales suggests temporary bottom made, intra-day retreat would bring range trading before price head back towards 108.99 again.

On the downside, only below 108.00 would risk weakness towards 107.81, then 107.71.

U.S. will release a slew of eco. data starting with MBA mortgage applications, building permits, housing starts n later Fed's beige book at 18:00GMT. Kansas City President George will be speaking on economic outlook at a symposium in K.C. at 17:30GMT.

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AceTraderFx Jul 18: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Jul 2019 09:30 GMT

USD/JPY - 107.73
Dollar's fall from Tuesday's 108.37 high and intra-day break of last Fri's low at 107.81 to 107.62 at European open suggests recent decline from July's 1-month peak at 108.99 to retrace early rise from June's 5-1/2 month trough at 106.79 would head towards 107.06 after conoslidation.

On the upside, only above 108.11 would risk re-test of 108.37, break, 108.60/63 later.

Data to be released later:
Swiss imports, exports, trade balance, UK retail sales, core retail sales.
U.S. jobless claims, Philadelphia Fed manufacturing index, leading indicator.

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AceTraderFx Jul 19: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Jul 2019 09:30 GMT

USD/JPY - 107.68
Despite dollar's resumption of recent to a 3-week low at 107.22 in NY on Thu due to Fed Williams' dovish comments, intra-day jump on New York Fed statement suggests temporary low has possibly been made and above 107.81 would yield stronger retracement towards 108.15, then 108.37 later.

On the downside, only below 107.22 would risk weakness towards 107.06 but 106.79 (June's low) should remain intact.

The only economic data coming out from the U.S. is University of Michigan consumer confidence, however, so pay attention to speeches by St. Louis Fed's President Bullard at 15:05GMT, then Boston Fed President's Rosengren at 20:30GMT, he will also be joined by BOJ Gov. Kuroda.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Jul 2019 09:30 GMT

USD/JPY - 107.85
Despite dollar's resumption of decline from July's 108.99 high to a 3-week trough at 107.22 on Friday due to dovish comments from Fed Williams, subsequent rally to 108.06 in Asia today suggests temporary low is in place and consolidation upside bias remains for gain towards 108.32/37.

On the downside, only below 107.60 would risk weakness towards 107.35/40, then re-test of 107.22.

Data to be released later today:
U.S. Chicago national activity index, and Canada wholesale sales on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Jul 2019 09:30 GMT

USD/JPY - 108.13
Although dollar's rise from last Thursday's 3-week trough at 107.22 to 108.19 today suggests recent decline from July's 5-week peak at 108.99 has made a temporary low and consolidation with upside bias remains, overbought condition should cap price below said res and yield retreat.

On the downside, below 107.71/78 would yield weakness towards 107.54, then possibly re-test of 107.22 later.

Eco. calendar in the euro area countries is very thin on Tuesday with EU's consumer confidence for July being the only data due out later in the day at 14:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Jul 2019 09:30 GMT

USD/JPY - 108.06
Although dollar's intra-day retreat due to falling U.S. yields suggests recent upmove from last Thursday's 3-week trough at 107.22 has made a temporary top at 108.28 Tuesday and stronger retracement towards 108.71/78 would be seen before prospect of another rise.

Only below 107.54 would risk weakness towards 107.22/25 while above 108.37 would extend gain to 108.60.

On the data front, U.S. will release MBA mortgage applications, Markit mfg and services PMI and then new home sales.

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