AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Apr 2020 09:30GMT

USD/JPY - 107.68
Despite dollar's brief jump from 107.35 to 108.03 in New York yesterday, subsequent retreat suggests further choppy trading inside recent 106.94-108.08 broad range would be seen and below 107.29 would head towards 107.17, however, reckon 106.94 should hold on first testing.

On the upside, only above 108.08 would risk stronger retracement to 108.22 but 105.59/61 should remain intact.

Data to be released later:
UK GfK consumer confidence, retail sales, retail sales ex-fuel, J Germany Ifo business climate, Ifo current conditions, Ifo expectations, Italy manufacturing business confidence, consumer confidence.
U.S. drable goods, durables ex-transportation, durables ex-defense, University of Michigan sentiment, and Canada budget balance.

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AceTraderFx Apr 27: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 27 Apr 2020 09:30GMT

USD/JPY - 107.23
Intra-day selloff below last Fri's low at 107.38 in post-BoJ suggests consolidation with downside bias remains for re-test of April's trough at 106.93, where break would extend recent decline from March's 1-month peak of 111.71 to 106.76, then possibly 106.45/50 before prospect of correction.

On then upside, only above 107.35/35 would risk stronger retracement to 107.75, then 108.08.

No eco. data is due out from the euro area countries, so order flows will have impact on intra-day price swings.

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AceTraderFx Apr 28: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 28 Apr 2020 09:30GMT

USD/JPY - 107.04
Although dollar has rebounded after yesterday's fall from 107.63 to 107.00 (New York), subsequent retreat from 107.34 and intra-day weakness suggests recovery has ended and re-test of April's 106.93 low would be seen after consolidation, where break would extend decline from March's 111.71 peak towards 106.45 before prospect of correction

On the upside, only above 107.34/38 would prolong choppy sideways swings and risk 107.70/75, then possibly 108.03/08.

Data to be released later:
UK CBI distributive trades.
U.S. goods trade balance, wholesale inventories, redbook, CS home price index, consumer confidence, Richmond Fed manufacturing index.

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AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates

 

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AceTraderFx Apr 29: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 29 Apr 2020 09:30GMT

USD/JPY - 106.42
Intra-day break below yesterday's 5-week low at 105.56 confirms decline from March's 1-month peak at 111.71 has resumed and further weakness to 106.00/10 would be seen after consolidation, however, oversold condition should keep price above 105.40/50 and yield correction.

On the upside, only above 106.96/00 would indicate temporary bottom is made and risks gain to 107.34/38.

Data to be released later:
UK BRC shop price index, Australia CPI, Germany import prices, CPI, HICP, Italy production prices, Swiss investor sentiment, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. MBA mortgage applications, GDP, GDP deflator, core PCE prices, PCE prices pending home sales, Fed interest rate decision.

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AceTraderFx May 05: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 May 2020 09:30GMT

USD/JPY - 106.69
Despite dollar's rise from last Wednesday's 6-week low at 106.37 to 107.49 on Thursday, subsequent fall to 106.61 on Friday, then 106.52 today suggests recovery has ended and intra-day bounce would bring choppy sideways swings before prospect of another decline, however, reckon 105.95/00 should hold and yield rebound.

On the upside, only above 107.49 would risk stronger retracement to 107.70/75 but 108.03/08 would remain intact.

Data to be released later today:
Swiss consumer confidence, CPI, France budget balance, UK Markit services PMI, EU producer prices.
U.S. trade balance, redbook, Markit services PMI, ISM non-manufacturing PMI, and Canada trade balance, exports, imports.

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AceTraderFx May 06: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 06 May 2020 09:30GMT

USD/JPY - 106.28
Although dollar's intra-day firm break of last Wednesday's low at 106.37 to a 7-week trough at 106.22 (Asia) confirms decline from March's 111.71 peak has once again resumed and further weakness to 105.95/00 would be seen after consolidation, however, loss of downward momentum should keep price above 105.64/69 and yield correction later.

On the upside, only a daily close above 106.62 would indicate temporary bottom is made and yield retracement to 107.00/07.

Data to be released later:
Germany industrial orders, Markit services PMI, Italy Markit services PMI, France Markit services PMI, EU Markit services PMI, retail sales, UK Markit construction PMI
U.S. MBA mortgage applications, ADP employment change.

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AceTraderFx May 07: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 May 2020 09:30GMT

USD/JPY - 106.34
Yesterday's break of Tuesday's low at 106.43 to a 7-week trough of 105.99 confirms decline from March's 111.71 peak has once again resumed and intra-day rebound would bring consolidation before prospect of another fall, below 105.99 would extend to 105.64/69 but 105.15/20 should remain intact due to loss of momentum.

On the upside, only above 106.62 would risk stronger retracement to 107.06/07.

Data to be released later:
Swiss unemployment rate, Germany industrial output, UK BOE interest rate decision, BOE QE total, BOE QE corporate bond purchases, BOE MPC vote hike, BOE MPC vot unchanged, BOE MPC vote cut, Halifax house prices, France current account, industrial output, non-farm payrolls, trade balance, imports, exports, Italy retail sales.
U.S. initial jobless claims, labour costs, productivity, and Canada Ivey PMI.

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AceTraderFx May 08: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 May 2020 09:30GMT

USD/JPY - 106.32
Despite dollar's fall to a 7-week trough of 105.99 on Wednesday, subsequent rebound to 106.65 in New York yesterday signals decline from March's 111.71 peak has made a temporary low there and as price has bounced from 106.23 to 106.45 in Asia today, consolidation with upside bias remains for further headway to 107.06/07 but 107.49 should remain intact.

On the downside, only below 106.20 may risk weakness to 105.99, break, 105.64/69.

T.G.I.F. but U.S. will release key jobs report and market focus is on unemployment rate in the wake of Covid-19 pandemic which has hit American economy the hardest. Street forecast is looking for U.S. unemployment to be between 16%-19% vs prev. month's reading of 4%, if it's higher, then we may see safe-haven usd and yen buying.

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 May 2020 09:30GMT

USD/JPY - 107.56
Although dollar's retreat from yesterday's 2-week high at 107.76 suggests near-term upmove from last Wednesday's 7-week low at 105.99 has made a temporary top there, intra-day rebound from 107.36 (Asia) has retained bullishness and above 107.76 would extend aforesaid rise to 108.03/08, then 108.22 but 108.50/55 should remain intact today.

On the downside, only below 107.36 would risk weakness to 107.00/05, then 106.65/70 before rebound.

On the data front, U.S. will release core CPI, CPI, real weekly earnings n Redbook sales. Normally, these inflation data are usually important, however, market's focus has now shifted to weekly jobs claims n unemployment rate due to recent unprecedented economic downturn in the wake of coronavirus pandemic.
We also have a large number of Fed officials scheduled to speak later today, please refer to our EI page for details.

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AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates

 

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AceTraderFx May 13: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 13 May 2020 09:30GMT

USD/JPY - 107.04
Despite dollar's resumption of upmove from last Wednesday's 7-week low at 105.99 to 107.76 on Monday, subsequent weakness suggests temporary top has been made and mild downside bias would be seen, however, reckon 106.88 (50% retracement) should hold and yield another rise to 108.03/08 before prospect of retreat.

On the downside, only below 106.88 would risk 106.65/67 but 106.37 should remain intact.

Data to be released on Wednesday :
UK BRC retail sales, GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, EU industrial production.
U.S. MBA mortgage applications, PPI, core PPI.

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