Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 12 Oct 2018 09:30 GMT

USD/JPY - 112.31
Although price has recovered after intra-day resumption of decline from last week's near 11-month peak at 114.55 to 111.84 yesterday and minor consolidation would be seen ahead of U.S. inflation release in NY, reckon 112.83 (previous support, now resistance) would cap upside and yield another fall later, below 111.84 would extend to 111.66/70 before prospect of a correction due to loss of momentum.

On the upside, only above 112.83 would indicate a temporary low has been made and risk stronger retracement towards 113.39 before prospect of retreat.

Data to be released on Friday :
Germany CPI, HICP, EU industrial production, U.S. import prices, export prices and consumer sentiment.

Author

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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