Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 23 July 2021 09:30GM

USD/JPY - 110.48

Despite dollar's selloff to a 7-week trough at 109.07 on Monday due to risk-averse buying in jpy, subsequent strong rebound to 110.38 on Wednesday and intra-day break above there suggests decline from July's peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.97/00, however, resistance at 111.18 would remain intact and yield retreat.

On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.

Data to be released on Friday

Australia manufacturing PMI, services PMI, Japan market holiday.
U.K. Gfk consumer confidence, U.K. retail sales, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, U.K. Markit manufacturing PMI, Markit services PMI.
Canada retail sales, U.S. Markit manufacturing PMI and Markit services PMI.

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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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