Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

Update Time: 31 Dec 2020 09:30GMT

USD/JPY - 103.13

Despite the greenback's 1-tick break above last Monday's high at 103.88 to 103.89 Monday, subsequent retreat to 102.97 yesterday on usd's broad-based weakness suggests correction from December's 9-month bottom at 102.88 has ended there and consolidation with downside bias would be seen for a re-test of said support, break would extend Medium Term4 decline to 102.50/60 before prospect of rebound.

On the upside, only above 103.89 would dampen daily bearishness and risk stronger retracement of MT decline to 104.10/14.

On the last trading day of this pandemic 2020 year, U.S. will later release the usual weekly jobless claims, continued jobless claims which may move price a bit if actual readings deviate greatly from street forecast, however, market's mentality is to sell dlr on rebound.

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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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