Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 30 Sep 2016 09:32 GMT

USD/JPY - 101.08
Dollar's intra-day wild swings which started in Asia suggests early correction from Tuesday's 1-month bottom has made a top yesterday at 101.84 (New York) and choppy consolidation is expected to continue, as long as 101.40/50 holds, near term downside bias remains for weakness towards 100.45/50 later today due to anticipated renewed yen-buying on risk aversion, however, reckon 100.20 would hold from here.

Only above 101.79/84 res would bring stronger retracement of recent decline from September's 104.32 high to 102.20 (50% r) before prospect of another strong retreat early next week.

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