Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 07 Dec 2018 09:30 GMT

USD/JPY - 112.84
Despite yesterday's selloff to 112.24 in Asia on risk averse buying of JPY, subsequent strong rebound suggests further choppy trading above Tuesday's trough at 112.57 would continue with upside bias and above 113.24 would yield stronger retracement of recent decline from 114.04 to 113.69/71, however, 113.85 would remain intact ahead of U.S. jobs report.

On the downside, only below 112.57/58 would revive bearishness for weakness towards November's trough at 112.31, break would signal erratic decline from 114.21 (Nov) has resumed and extend towards 111.90/92.

Data to be released later on Friday :
Germany industrial output, France industrial output, trade balance, import, export, U.K. Halifax house prices, Italy retail sales, EU GDP revised.
Canada employment change, unemployment rate and U.S. non-farm payrolls, private payrolls, unemployment rate, average earning, University of Michigan sentiment prelim, wholesale inventories, wholesale.

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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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