Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

USD/JPY - 111.69
Although dollar has eased after rally from Wednesday's 109.86 low to a near 10-month high at 112.22 yesterday and range trading would be seen, as long as 121.12 holds, upside bias remains and above 112.22 would extend medium term upmove from August's 33-month trough at 104.46 towards 112.39, break needed to extend to 112.60/65.

On the downside, only below 111.12 would risk stronger retracement to 110.90/95, then 110.65/70.

There is a slew of U.S. data to be released today but pay particular attention to manufacturing and services PMI at 14:45GMT. Street forecasts are for a slight drop to 51.5 and 53.0 from previous readings of 51.9 and 53.4 respectively.
Elsewhere, Atlanta Fed President Bostic and Cleveland Fed President Mester will participate in a "Monetary policy for next recession" panel at 18:30GMT.

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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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