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AceTraderFx Jan 05: Intra-Day News and Views & data to be released today –USD/JPY
Intra-Day Market Moving News and View
Update Time: 05 Jan 2021 05:30GMT
USD/JPY - 103.14... The greenback swung wildly in hectic trading on the first trading day of 2021. The pair met renewed selling at 103.31 ahead of Asian open yesterday and fell to a near 10-month trough at 102.72 in European morning after penetrating December's bottom at 102.88. However, lack of follow-through selling triggered active short-covering and price rebounded strongly to 103.25 in New York on safe-haven usd buying due to a selloff in U.S. stocks.
Although dollar's rebound from yesterday's near 10-month trough at 102.72 to 103.25 suggests recent decline has made a temporary low there and choppy trading with mild upside bias would be seen, reckon offers at 103.30/40 would limit upside and yield another fall. Below 102.97/00 would bring re-test of said bottom, break would extend to 102.40/50.
The is a slew of data to be released from U.S. today but one should pay attention to ISM manufacturing PMI at 14:45GMT. Street forecast is 56.6, down from previous reading of 57.5.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
Intra-Day Market Moving News and View
Update Time: 05 Jan 2021 05:30GMT
USD/JPY - 103.14... The greenback swung wildly in hectic trading on the first trading day of 2021. The pair met renewed selling at 103.31 ahead of Asian open yesterday and fell to a near 10-month trough at 102.72 in European morning after penetrating December's bottom at 102.88. However, lack of follow-through selling triggered active short-covering and price rebounded strongly to 103.25 in New York on safe-haven usd buying due to a selloff in U.S. stocks.
Although dollar's rebound from yesterday's near 10-month trough at 102.72 to 103.25 suggests recent decline has made a temporary low there and choppy trading with mild upside bias would be seen, reckon offers at 103.30/40 would limit upside and yield another fall. Below 102.97/00 would bring re-test of said bottom, break would extend to 102.40/50.
The is a slew of data to be released from U.S. today but one should pay attention to ISM manufacturing PMI at 14:45GMT. Street forecast is 56.6, down from previous reading of 57.5.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates