Daily recommendations on major - USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

Update Time: 05 May 2020 09:30GMT

USD/JPY - 106.69
Despite dollar's rise from last Wednesday's 6-week low at 106.37 to 107.49 on Thursday, subsequent fall to 106.61 on Friday, then 106.52 today suggests recovery has ended and intra-day bounce would bring choppy sideways swings before prospect of another decline, however, reckon 105.95/00 should hold and yield rebound.

On the upside, only above 107.49 would risk stronger retracement to 107.70/75 but 108.03/08 would remain intact.

Data to be released later today:

Swiss consumer confidence, CPI, France budget balance, UK Markit services PMI, EU producer prices.
U.S. trade balance, redbook, Markit services PMI, ISM non-manufacturing PMI, and Canada trade balance, exports, imports.

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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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