Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

USD/JPY - 142.09

Despite dollar's intra-day jump to a fresh 24-year high of 145.40 (EBS) after BoJ's dovish hold and later to 145.89 in European morning, subsequent sharp fall on Japan intervention on yen suggests recent erratic upmove has made a temporary top there, reckon 140.60/70 should contain downside and yield correction later due to oversold condition.

Stand aside and look to buy on dips as above 142.50/60 would indicate temporary bottom made and yield stronger gain towards 142.95 later.

Data to be released on Thursday

France business climate, Swiss SNB interest rate decision, U.K. BOE interest rate decision, BOE MPC vote hike, BOE MPC vote unchanged, BOE MPC vote cut.
U.S. initial jobless claims, continuing jobless claims, leading index change, KC Fed manufacturing PMI, Canada new housing price index and EU consumer confidence.

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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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