Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 24 May 2022 09:30GMT.

USD/JPY - 127.38

Dollar's selloff to last Thur's 3-week bottom at 127.04 suggests a long-awaited correction of recent uptrend has occured and despite intra-day recovery to 128.08 in Asia, subsequent retreat signals consolidation with downside bias remains for re-test of said support, break would extend said decline to 126.70/80.

On the upside, only a daily close above 128.29 would indicate aforesaid pullback over and risk stronger gain to 128.65/68.

Data to be released on Tuesday

U.K. Rightmove house price, PSNB, PSNCR, S&P Global manufacturing PMI, S&P Global services PMI, CBI distributive trade, France business climate, S&P Global manufacturing PMI, S&P Global services PMI, Germany S&P Global manufacturing PMI, S&P Global services PMI, EU S&P Global manufacturing PMI, S&P Global services PMI.
U.S. building permits, redbook, S&P Global manufacturing PMI, S&P Global services PMI , new home sales and Richmond Fed manufacturing.

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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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