Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 23 Oct 2018 09:30 GMT

USD/JPY - 112.31
Despite dollar's resumption of upmove from last Monday's 1-month trough at 111.63 to 112.89 yesterday, subsequent retreat and intra-day fall due to safe-haven yen buying on selloff in Asian equities suggests recovery has ended and downside bias remains for weakness towards 111.96, break would extend decline for re-test of 111.63 but 111.38/43 should hold.

On the upside, only above 112.89 would revive bullishness for gain towards 113.05/10, then 113.29/39.

Data to be released later on Tuesday :
Germany PPI, UK CBI orders, U.S. redbook, national activity index and EU consumer confidence.

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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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