AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

AceTraderFx July 15: Intra-Day News and Views & data to be released today- USD/JPY

Intra-Day Market Moving News and Views

Update Time: 15 July 2020 05:30GMT

USD/JPY - 107.25... The greenback went through a roller-coaster ride yesterday as despite dropping to session lows at 107.13 in Asia, price rose to an intra-day high at 107.43 at New York open due partly to cross-selling in jpy. However, the pair met renewed selling there and retreated to 107.16 near New York closing on usd's broad-based weakness.

Although dollar has retreated after yesterday's break above Monday's high at 107.31 to 107.43 and minor consolidation would be seen, as said move signals decline from July's peak at 108.16 has ended at 106.65 last Friday, upside bias remains. Bids are now seen at 107.10/20 with stops building up below there whilst initial offers are noted at 107.90/00.

The Bank of Japan is scheduled to announce its interest rate decision shortly (circa 03:00GMT) and although the central bank is widely expected to keep its rate unchanged, investors should pay attention to Governor Kuroda's press conference at 06:30GMT.

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AceTraderFx July 16: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 16 July 2020 09:30GMT

USD/JPY - 106.96
Although dollar's strong rebound after yesterday's selloff from 107.30 (Asia) to 106.67 in New York suggests choppy trading above last Friday's 2-week low at 106.65 would continue, however, reckon 107.13/16 resistant would hold and yield another fall, below 106.65 would extend decline from July's 108.16 peak to 106.20/30 but June's 106.08 bottom should hold on first testing.

Only above 107.13/16 would risk stronger retracement to 107.30, then 107.43 but 107.70/78 would remain intact.

Data to be released on Thursday :
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, France CPI (EU norm), CPI, Italy trade balance, EU trade balance, ECB refinancing rate decision, ECB deposit rate decision.
Canada ADP employment change, and U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, retail sales ex-autos, retail sales, business inventories, NAHB housing index.

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AceTraderFx July 17: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 17 July 2020 09:30GMT

USD/JPY - 107.11
Although dollar's rebound from 106.67 on Wednesday suggests choppy trading above last Friday's 106.65 bottom would continue and intra-day retreat from 107.39 would bring choppy sideways swings before prospect of another rise, however, reckon 107.78 should cap upside and yield another fall to 106.84, then 106.65/67 again.

On the upside, above 107.78 would risk marginal gain and July's 108.16 peak should remain intact.

Pay attention to the release of University of Michigan consumer sentiment at 14:00GMT. Street forecast is for a slight uptick to 79.0 from previous reading of 78.1.

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AceTraderFx July 20: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 20 July 2020 09:30GMT

USD/JPY - 107.19
Despite dollar's fall from July's 3-week peak at 108.16 to 106.65, subsequent erratic rise to 107.53 in Asia today suggests temporary bottom is made and intra-day retreat would bring choppy sideways swings before prospect of another upmove, however, reckon 108.16 would remain intact and yield retreat.

On the downside, below 106.94 (Friday's low) would yield marginal weakness but 106.79/84 should hold.

Data to be released later today :
UK Rightmove house price, Japan exports, imports, trade balance, Germany producer prices and EU current account on Monday.

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AceTraderFx July 21: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 21 July 2020 09:30GMT

USD/JPY - 107.34
Despite dollar's retreat from yesterday's Asian high at 107.53 to as low as 107.04 (New York), subsequent rebound suggests choppy trading above July's 106.65 bottom would continue and above 107.53 would head to 107.78 but 108.16 should remain intact.

On the downside, below 106.94 would yield re-test of 106.65, break would extend decline from Jul's 108.16 peak to 106.39/44.

Data to be released on Tuesday :
UK PSNB, PSNCR, Swiss trade balance, exports, imports.
U.S. national activity index, redbook, Canad new housing price index, retail sales, retail sales ex-autos.

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AceTraderFx July 22: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 22 July 2020 09:30GMT

USD/JPY - 107.05
Despite yesterday's fall from 107.36 in Europe to 106.69 (New York) on usd's broad-based weakness, intra-day strong rebound suggests choppy trading above July's bottom at 106.65 would continue and above 107.36/39 would head to 107.53, break, 107.73/78 later.

On the downside, only below 106.65 would extend decline from July's 3-week peak at 108.16 to 106.39/44.

Data out on Wednesday :
Japan Jibun Bank manufacturing PMI, Australia Westpac leading index, retail sales.
U.S. MBA mortgage applications, monthly home price index, existing home sales, and Canada CPI, core CPI.

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AceTraderFx July 23: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 23 July 2020 09:30GMT

USD/JPY - 107.16
Although dollar's bounce from yesterday's low at 106.72 in Asia to 107.28 (New York) suggests choppy trading above July's 106.65 bottom would continue and stronger retracement to 107.36/40 can't be ruled out, however, reckon 107.53 (reaction high on Monday) would hold and yield retreat.

On the downside, below 106.94 would extend to 106.88 but 106.65 would remain intact.

Pay attention to the release of U.S. jobless claims at 12:30GMT. Street forecast is 1,300k vs previous reading of 1,300k.

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AceTraderFx July 24: Daily Recommendations on Major – USD/JPY


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DAILY MARKET OUTLOOK on Major

Update Time: 24 July 2020 09:30GMT

USD/JPY - 106.19
Dollar's selloff from 107.22 in New York yesterday and intra-day break of previous July's 106.65 low suggests re-test of June's 6-week bottom at 106.08 would be seen after consolidation, break would extend decline from June's 2-month peak of 109.84 to 105.15/25 before prospect of correction.

On the upside, only above 106.65/72 would prolong choppy sideways swings and risks 106.90, break, 107.22/28.

Pay attention to the release of U.S. manufacturing and services PMI at 13:45GMT. Street forecasts are 51.5 and 51.0 vs previous readings of 49.8 and 47.9 respectively.

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AceTraderFx July 27: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 27 July 2020 09:30GMT

USD/JPY - 105.58
Intra-day selloff to a 4-month low at 105.39 suggests decline from March's 111.71 peak has resumed and further weakness to 105.05 would be seen after consolidation, however, loss of momentum should keep price above 104.85/90 and yield correction.

On the upside, above 105.69/70 would risk stronger retracement to 106.16 but 106.43/48 should remain intact.

Data releases today :
Japan total industry activity, leading indicator, coincident index.
Germany Ifo business climate, Ifo current conditions, Ifo expectation.
U.S. durable goods, durables ex-transport, durables ex-defense, Dallas Fed manufacturing business on Monday.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 28 July 2020 09:30GMT

USD/JPY - 105.50
Although dollar's intra-day rebound from 105.23 in Asia on broad-based recovery in usd suggests recent decline has made a minor low at yesterday's 4-month bottom at 105.12 and choppy sideways swings would be seen before prospect of another fall, however, loss of momentum should keep price above 104.60/70 and yield rebound.

On the upside, only above 108.08/18 would risk stronger retracement to 106.43/48.

Pay attention to the release of U.S. consumer confidence at 14:00GMT. Street forecast is for a dip to 94.5 from previous reading of 98.1. Market focus now shifts to the Federal Reserve's rate decision on Wednesday as the FOMC members commence their 2-day meeting today.

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