fxsoriginal   DAILY MARKET OUTLOOK on Major

Update Time: 16 Jan 2020 09:30GMT

USD/JPY - 109.96
Despite dollar's retreat from Tuesday's 7-1/2 month 110.20 peak to 109.79 in New York yesterday, subsequent rebound to 110.00 (Reuters) suggests correction has possibly ended and re-test of said resistance would be seen after consolidation, break would extend medium term upmove from 2019 trough at 104.46 (Aug) to 110.67 but 111.00/05 should cap upside.

On the downside, only below 109.72 signals temporary top made and risks stronger retracement towards 109.40/44.

On the data front, U.S. will release a slew of data in New York session, please refer to our EI page for details, however, market focus is on retail sales for December. Also, we have Federal Reserve Board Governor Michelle Bowman scheduled to speak at 15:00 GMT.

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD hits two-month lows amid USD strength

EUR/USD has pared its gains that followed upbeat preliminary PMIs for Germany came out above expectations, pointing to a recovery. The USD is advancing amid fears of the coronavirus.


GBP/USD drops below 1.31 amid USD strength, fails to sustain PMI gains

GBP/USD is trading below  1.31 after hitting a fresh high of 1.3172. The UK Manufacturing PMI beat with 49.8 and Services PMI with 52.9. The USD is gaining ground across the board.


Cryptos: Bears take over and draw a bloody moon

Despite appearances, Bitcoin is the asset with the best risk/benefit ratio. The current falls are adjusted to the ranges of the previous rise. Downward momentum expires in the first half of February.

Read more

Gold rebounds above $1560

The XAU/USD pair dropped to a daily low of $1556.70 during the European trading hours as the easing worries over coronavirus becoming a global epidemic and a broad-based USD strength put the pair under bearish pressure.

Gold News

USD/JPY stuck in range around 109.50 amid China coronavirus concerns

USD/JPY sticks to its range play around the midpoint of the 109 handle amid rising fears of the Chinese coronavirus outbreak globally, upbeat Japanese CPI data and a minor bounce seen in the US dollar across the board. Focus shifts to US PMIs. 


Forex Majors