Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 15 Oct 2018 09:30 GMT

USD/JPY - 111.68
The greenback's intra-day break of last Thursday's 3-week trough at 111.84 signals decline from October's 11-month peak at 114.55 has once again resumed and further weakness towards 111.40/50 would be seen after consolidation, however, over sold condition would keep price above support at 111.12 and yield a much-needed correction later this week.

On the upside, only above 112.54 would indicate a temporary low has been made and risk would increase for a much-needed retracement to 112.83 (previous support, now resistance), then 113.20/30 before down.

Data coming out later:
UK Rightmove house price, Japan industrial production, capacity utilization, Swiss producer/import price, Italy budget deadline, and U.S. New York Fed manufacturing index, retail sales, business inventories on Monday.

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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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