Daily Recommendations on Major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

Update Time: 27 Feb 2020 09:30GMT

USD/JPY - 110.03
Dollar's retreat from yesterday's high at 110.70 to 109.98 in Asia today suggests recovery from Tuesday's low at 109.90 has ended and consolidation with downside bias remains for a re-test of said support, break would extend decline from February's 9-1/2 month peak at 122.22 to 109.63 but 109.54 should remain intact due to loss of momentum.

On the upside, only above 110.71 signals pullback has made a temporary bottom there and stronger retracement to 111.03, then 111.22.

There is a slew of U.S. data due today but one should pay particular attention to the release of U.S. final GDP figures at 13:30GMT.
Street forecasts for GDP and GDP deflator are 2.1% and 1.5% vs previous readings of 2.1% and 1.4% respectively.

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AceTrader Team

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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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