Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

Update Time: 06 July 2020 09:30GMT

USD/JPY - 107.58
Dollar's bounce from last Thursday's 107.34 low to 107.77 in Asia today suggests correction from last Wednesday's 108.16 high has ended there and subsequent retreat would bring choppy sideways swings before prospect of another gain, above 107.88 wold re-test of 108.16, break would extend upmove from June's 6-week trough at 106.08 to 108.40.

On the downside, below 107.34 signals recovery is over and risks stronger retracement to 107.05 but 106.81 should remain intact.

Economic data to be released later:

Germany industrial orders, UK Markit construction PMI, EU Sentix index, retail sales.
U.S. Markit services PMI, ISM non-manufacturing PMI on Monday.

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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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