Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on Major

Update Time: 03 Aug 2021 09:30GMT.

USD/JPY - 109.22

The greenback's selloff yesterday to 109.19 on broad-based risk-averse buying in jpy and intra-day break below there suggests a re-test of July's bottom at 109.07 would be seen after consolidation, break would extend decline from July's peak at 111.65 towards 108.70/80 after consolidation, however, loss of momentum would keep price above support at 108.57 and yield a much-needed rebound later.

On the upside, only above 109.82 would indicate a temporary bottom has been made and risk stronger retracement to 110.10/15 but 110.28 should remain intact.

Data to be released on Tuesday

Japan Tokyo core CPI, Australia building permits, RBA rate decision.
Swiss consumer confidence, EU producer prices.
U.S. redbook, durables ex-defense, durable goods, factory orders, durables ex-transport, Canada Markit manufacturing PMI and New Zealand GDT price 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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