AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Jun 2021 09:30GMT

USD/JPY - 110.17
The greenback's rally yesterday on the release of robust U.S. ADP data and break above May's peak at 110.20 to a near 2-month top at 110.33 today suggests erratic upmove from April's bottom at 107.49 remains in progress and further gain to 110.50/55 would be seen after consolidation, however, loss of momentum would keep price below daily resistance at 110.96.

On the downside, only below 109.53 would indicate a temporary top has been made and risk stronger retracement to 109.30/35.

T.G.I.F., however, all eyes are on U.S. May jobs report, ave. earnings at 12:30GMT and then durable goods n factory orders at 14:00GMT.
Before that, at 11:00GMT, Fed Chair J. Powell will participate in panel before virtual Bank for International Settlements "Green Swan Conference - Coordinating Finance on Climate,".

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AceTraderFx Jun 07: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 Jun 2021 09:30GMT

USD/JPY - 109.46
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 in Asia on Friday, subsequent selloff in New York on downbeat U.S. NFP data suggests recent erratic upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and bring re-test of said resistance.

Data to be released later today :
Swiss unemployment rate, CPI, Germany industrial orders, UK Halifax house prices, and EU Sentix index on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Jun 2021 09:30GMT

USD/JPY - 109.50
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 in Asia on Friday, subsequent selloff in New York on downbeat U.S. NFP data suggests recent erratic upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and bring re-test of said resistance.

On the data front, U.S. will release international trade balance, goods trade balance, redbook sales and JOLTS job openings, these data are not expected to have any impact on intra-day price swings, so traders will take cue from movement in U.S. yields in New York session.

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Jun 2021 09:30GMT

USD/JPY - 109.39
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 on Friday, subsequent selloff to 109.20 Monday on downbeat U.S. NFP data suggests recent erratic upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and bring re-test of said resistance.

U.S. will later release some second-tier eco. data, please refer to our EI page for details.
Once again, traders will take cue from intra-day movement in U.S. yields.

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Jun 2021 09:30GMT

USD/JPY - 109.49
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 on Friday, subsequent selloff to 109.20 Monday on downbeat U.S. NFP data suggests recent erratic upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and bring re-test of said resistance.

On the data front, market's main focus this week is the release of U.S. inflation data, namely CPI n core CPI later today (please see our EI page for details).
Although street forecast for May annual CPI to be 4.7% vs previous reading of 4.2%, if actual figure comes in lower than estimate, then expect renewed usd's selling.
On the flip side, if it's higher, U.S. yields will jump and would push the pair higher to 110.00/10.

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AceTraderFx Jun 11: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 11 Jun 2021 09:30GMT

USD/JPY - 109.49
Yesterday's fall from 109.79 to 109.31 in NY due to selloff in U.S. yields suggests early correction from this week's low at 109.20 (Mon) has ended and expect consolidation before decline from Jun's near 2-month peak at 110.33 resumes, however, loss of momentum should keep price above 108.71/75.

Only above 109.79 dampens bearish outlook and may risk stronger retracement to 110.00/10.

Data to be released on Friday :
New Zealand manufacturing PMI, retail sales.
Germany wholesale price index, UK GDP industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate.
Canada capacity utilization, and U.S. University of Michigan sentiment.

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AceTraderFx Jun 15: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 15 Jun 2021 09:30GMT

USD/JPY - 110.09
The greenback's rally from 109.33 in Europe on Friday to 110.15 today on rise in U.S. Treasury yields suggests pullback from June's near 2-month peak at 110.33 has ended at 109.20 last Monday and consolidation with upside bias remains for gain to 110.05/10, however, said resistance may hold on first testing and yield retreat later this week.

On the downside, only below 109.20 would revive bearishness for stronger weakness to 108.80/90 before prospect of a rebound later.

Data to be released on Tuesday:
New Zealand Westpac consumer survey, food price index, GDT price index, Australia house price index, Japan tertiary industry activity.
Germany CPI, HICP, UK claimant count, ILO unemployment rate, employment change, average weekly earnings, France CPI (EU norm), CPI, Italy CPI, CPI (EU norm), EU trade balance.
Canada housing starts and U.S. New York Fed manufacturing index, PPI, core PPI, retail sales, retail sales ex-autos, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 16 Jun 2021 09:30GMT

USD/JPY - 109.96
Dollar's erratic rise from last Monday's 109.20 low to 110.16 in Europe yesterday suggests pullback from June's near 2-month 110.33 peak has ended and intra-day pullback will bring choppy sideways swings before prospect of another upmove, above 110.33 yields 110.70/75 but March's 1-year 110.96 peak should hold on first testing.

On the downside, only below 109.83 would bring stronger retracement to 109.60, break, 109.31/35.

U.S. will release a slew of eco. data in New York morning (please refer to our EI page for details) which are likely to be ignored until FOMC announcemnet.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Jun 2021 09:30GMT

USD/JPY - 110.62
Dollar's rally yesterday after Fed's hawkish hold and then break of previous June's 110.33 high to 110.71, then 110.82 in Asia today suggests early correction from March's 1-year 110.96 peak has ended at 107.49 in April, above extends uptrend from 2021 January's 102.60 trough to 111.60/70 before prospect of correction.

On the downside, only a daily close below 110.33 may risk stronger retracement to 109.81/85.

U.S. will later release some eco. data (please see for EI page for details) but market focus will be on intra-day move in U.S. yields as well as U.S. equities, further decline in U.S. stocks will trigger safe-haven usd buying.

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AceTraderFx Jun 18: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Jun 2021 09:30GMT

USD/JPY - 110.15
Dollar's rally yesterday after Fed's hawkish hold and then break of previous June's 110.33 high to 110.71, then 110.82 in Asia today suggests early correction from March's 1-year 110.96 peak has ended at 107.49 in April, above extends uptrend from 2021 January's 102.60 trough to 111.60/70 b4 prospect of correction.

On the downside, only a daily close below 110.33 may risk stronger retracement to 109.81/85.

T.G.I.F. n no U.S. eco. data is due out, so market will take cue from movement in U.S. yields n intra-day price swings in U.S. stocks as 'volatility' is expected on today so-called 'quadruple witching' day due to expiries of stock index futures, stock index options, stock options n lastly, single stock futures.

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