Daily Recommendations on Major -USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 19 Jan 2018 09:30 GMT

USD/JPY - 110.69
Despite the greenback's strong rebound from Wednesday's fresh 4-month trough at 110.20 to 111.48 yesterday, subsequent retreat suggests the first leg of correction has ended and choppy trading with downside bias would be seen for weakness to 110.30/40, below would confirm this view and yield re-test of aforesaid support. However, loss of momentum would prevent steep fall below there and yield rebound later.

On the upside, only above 111.48 would revive bullishness for a stronger retracement of medium term decline towards 111.69/70, then 111.88/90 early next week.

Data released on Friday:
New Zealand manufacturing PMI, Germany producer price, Swiss producer/import price, EU current account, U.K. retail sales, Canada manufacturing sales, and U.S. University of Michigan sentiment.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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