Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

Update Time: 22 Oct 2020 09:30GMT

USD/JPY - 104.60

Although dollar's rebound after yesterday's selloff to a near 1-month low at 104.35 suggests decline from October's 106.10 high to retrace upmove from September's 6-month trough at 104.01 has made a temporary bottom, intra-day retreat from 104.74 (Asia) has retained bearishness for weakness to 104.01/06 later.

On the upside, only above 104.95 would risk stronger retracement to 105.18/20, then 105.50/52.

Data to be released later on Thursday

Germany GfK consumer sentiment, France business climate, UK CBI trends orders, EU consumer confidence.
U.S. initial jobless claims, continued jobless claims, existing home sales, leading index, KC Fed manufacturing index.

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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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