Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 16 Nov 2018 09:30 GMT

USD/JPY - 113.25
The greenback's selloff yesterday to 113.10 due to a drop in U.S. Treasury yields and equities suggests upmove from October's 1-month trough at 111.38 has made a temporary top at 114.21 on Monday and consolidation with downside bias remains for stronger retracement to 112.95.

However, near term loss of momentum would keep price above 112.56 and yield a rebound later today or tomorrow.

On the upside, only above 114.01 would revive bullishness for 114.21, break would yield a re-test of October's near 11-month peak at 114.55.

Data to be released on Friday :
Germany wholesale price index, Italy industrial orders, industrial sales, trade balance, EU HICP, Italy consumer prices.
Canada manufacturing sales, and U.S. industrial production, capacity utilization, manufacturing output, KC Fed manufacturing.

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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