Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 18 May 2022 09:30GMT.

USD/JPY - 129.17

Despite dollar's erratic fall from last Monday's fresh 20-year peak at 131.34 in tandem with U.S. yields to as low as 127.53 Thursday, subsequent strong rise to 129.45 Friday, then Monday's break there to 129.63 suggests 1st leg of correction over but above needed to yield stronger gain towards 129.88 after consolidation, reckon 130.05/10 should hold and yield retreat.

On the downside, only a daily close below 128.71 would signal aforesaid recovery over and yield weakness towards 128.36.

Data to be released on Wednesday

U.K. CPI, RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price, EU HICP.
U.S. MBA mortgage application, building permits, housing starts and Canada CPI.

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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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