Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major

Update Time: 13 Jan 2021 09:30GMT

USD/JPY - 103.67

The greenback's selloff from 104.33 to 103.73 on usd's broad-based weakness, then to 103.53 in Asia today suggests upmove from last Wednesday's 9-1/2 month bottom at 102.60 has ended at 104.39 on Monday and consolidation with downside bias remains for a stronger retracement to 103.28 (61.8%), then 102.95/00, however, 102.72 should remain intact and yield another rebound later.

On the upside, only above 104.04/08 would indicate aforesaid pullback has ended instead and risk gain to 104.39 again, break would head to 104.57, then 104.75 before down.

Data to be released on Wednesday

Japan machine tool orders.
Germany wholesale price index, Italy industrial output, EU industrial production.
Canada leading index, and U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, Federal budget.

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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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