AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx May 26: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2020 09:30GMT

USD/JPY - 107.83
Dollar's bounce from last Friday's low at 107.33 to 107.92 in Asia today suggests correction from last Tuesday's 108.08 high has ended and consolidation with upside bias remains, above said resistance would extend recent upmove from May's 7-week trough at 105.99 to 108.52/59.

On the downside, below 107.63 would risk stronger retracement to 107.33/35 before rebound.

U.S. markets will re-open after Mon's Memorial Day holiday n the U.S. will release a slew economic data (see our EI page for details). We also have Minneapolis Fed President Kashkari speaking later today at 17:00GMT.

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AceTraderFx May 28: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 107.84
Despite dollar's retreat from 107.94 to 107.66 in New York on Wednesday, subsequent bounce to 107.89 in Asia today suggests correction from last Tuesday's 1-month high at 108.08 has ended at 107.33 Friday and consolidation with upside bias remains, above 108.08 would extend recent upmove from May's 105.99 towards 107.52.

On the downside, only below 107.66 would risk stronger retracement to 107.33 but 107.04 should remain intact.

Data to be released on Thursday :
Italy production price, MFG business confidence, consumer confidence, trade balance, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP, U.S. Durable goods, Durables ex-transport, Durables ex-defense, GDP, core PCE prices, initial jobless claims, continued jobless claims, pending home index, KC Fed manufacturing.
Canada current account, average weekly earnings.

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AceTraderFx Jun 01: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Jun 2020 2020 09:30GMT

USD/JPY - 107.56
Despite Friday's selloff to 107.09 in Asia, subsequent strong rebound to 107.89 (New York) suggests correction from May's 108.08 peak has ended and intra-day retreat would bring choppy sideways swings before prospect of another rise to 108.35, but 108.85 should remain intact.

Only below 107.33 signals recovery is over and risks stronger retracement to 107.09 but 106.86 would hold.

Data to be released today :
Germany market holiday, Germany market holiday, Markit manufacturing PMI, France market holiday, Markit manufacturing PMI, Swiss market holiday, Italy Markit manufacturing PMI, EU Markit manufacturing PMI, UK Markit manufacturing PMI.
Canada Markit manufacturing PMI and U.S. Markit manufacturing PMI, construction spending, ISM manufacturing PMI on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jun 2020 2020 09:30GMT

USD/JPY - 107.83
Dollar's rebound on Friday from 107.09 to 107.89 suggests correction from May's 1-month high at 108.08 has ended, as 107.39 has contained subsequent weakness yesterday, consolidation with upside bias remains for gain towards 108.34 but 108.85 should remain intact.

On the downside, only below 107.33 would risk retracement towards 107.09 but 106.75 would hold.

On the eco. calendar, the U.S. will later release Redbook sales and ISD-New York business conditions index. Focus today will be on the latest civil unrest in the U.S. and market reaction following Turmp's announcement ahead of Asian open to deploy U.S. troops to quell riots in many parts of the U.S. by force.

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

DAILY MARKET OUTLOOK on Major
Update Time: 03 Jun 2020 2020 09:30GMT

USD/JPY - 108.74
Despite dollar's intra-day retreat from a fresh near 2-month high at 108.84 in Asia to 108.43, subsequent rebound suggests correction has possibly ended and above said resistance would extend upmove from May's 7-week trough of 105.99 to 109.06/09, however, reckon 109.37 (April's top) should hold.

On the downside, only below 108.43 signals temporary top has been made and risks stronger retracement to 108.29 but 108.08 would remain intact.

Data to be released on Wednesday :
UK BRC shop price index, Markit services PMI, Swiss GDP, Italy Markit services PMI, unemployment rate, France Markit services PMI, Germany Markit services PMI, unemployment change, unemployment rate, EU Markit services PMI, producer prices, unemployment rate.
U.S. MBA mortgage applications, ADP national employment, Markit services PMI, durables ex-defense, durable goods, factory orders, durables ex-transportation, ISM non-manufacturing PMI, and Canada labour productivity rate, Bank of Canada interest rate decision.

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Jun 2020 09:30GMT

USD/JPY - 109.06
Intra-day break above yesterday's high at 108.98 confirms recent upmove from May's bottom at 105.99 remains in progress and further headway to 108.37 (April's peak) would be seen after consolidation, however, loss of momentum may cap price below 108.52.

On the downside, only below 108.43 signals temporary top has been made and risk stronger retracement to 108.08 before rebound.

Ahead of Friday's U.S. key jobs report, market waits release of weekly jobless claims as well as continued jobless claims to get the latest pule of the employment situation. Street forecast is look for 1.8 million filing for unemployment vs previous week's reading of 2.12 million.

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

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

USD/JPY - 109.34
Dollar's intra-day break of yesterday's 8-week high at 109.19 confirms recent upmove from May's 7-week trough at 105.99 remains in progress and further gain to 109.60/70 would be seen after consolidation, however, loss of upward momentum should cap price below 109.90/00 and yield retreat.

On the downside, only below 108.62 would indicate temporary top is made and risks weakness to 108.43/48.

Data to be released on Friday :
UK GfK consumer confidence, Halifax house price index, Japan all household spending, coincident index, leading indicator, Germany industrial orders, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, and Canada employment change, unemployment rate, Ivey PMI.


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AceTraderFx Jun 08: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 109.54
Despite dollar's rise to a 2-month high at 109.84 in post-NFP last Friday, subsequent retreat to 109.39 in Asia today suggests recent upmove has made a temporary top and stronger retracement to 109.10/20 would be seen after consolidation before prospect of another upmove, above 109.84 would extend gain from 105.99 (May) to 110.00/10.

On the downside, only daily close below 109.05 would risk weakness to 108.62/67 before rebound.

After Friday's blockbuster U.S. jobs data, no eco. release is due out today and market is focusing on Fed's 2-day FOMC starting on Tuesday.

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

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

USD/JPY - 107.97
Although dollar's selloff on Monday from 109.69 in New Zealand to 108.24 (New York), then lower today confirms recent upmove from May's trough at 105.99 has made a temporary top at Friday's 2-month peak of 109.84 and mild downside bias would be seen, however, oversold condition should keep price above 107.39 and yield rebound.

On the upside, above 108.24 would head to 108.55/60 before prospect of retreat.

On the U.S. economic calendar, we have 2nd-tier data due out later today starting with Redbook sales, JOLTS jobs opening n wholesale inventtories n sales. The 2-day FOMC meeting starts today

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Jun 2020 09:30GMT

USD/JPY - 107.36
Although dollar's selloff this week from Monday's 109.69 high to 107.63 yesterday, then lower today suggests decline from last Friday's 109.84 peak to retrace upmove from May's 105.99 bottom has resumed, loss of momentum should prevent steep fall below 107.04/09 and yield rebound later.

Above 107.87 (Asia) would indicate temporary low is made and yield gain to 108.24, then 108.54.

Data to be released on Wednesday :
France industrial output, Canada leading index, and U.S. MBA mortgage applications, core CPI, CPI real weekly earnings, Fed interest rate decision.

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