Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 25 Oct2021 09:30GMT.

USD/JPY - 113.61

Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.47 today suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.20/22, however, near term loss of momentum would keep price above 113.00/05 and yield a much-needed rebound later this week.

On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.

Data to be released today

New Zealand Market Holiday, Japan coincident index, leading indicator.
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. national activity index and Dallas Fed manufacturing business index on Monday.

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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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