Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 16 Apr 2021 09:30GMT

USD/JPY - 108.88

Although the greenback's break below Wednesday's near the 3-week bottom at 108.76 to 108.62 yesterday signals decline from March's 1-year peak at 110.96 has once again resumed and consolidation with downside bias remains for marginal weakness, reckon near term loss of momentum would keep price above 108.41 today and yield a much-needed correction early next week.

On the upside, only above 109.25/30 would indicate a temporary low has been made and risk a stronger retracement of aforesaid downtrend to res 109.75/77.

T.G.I.F., U.S. will later release building permits, housing starts n University of Michigan consumer confidence. Dallas Fed President Kaplan will speak at 14:45GMT n then 16:30GMT.

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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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