Daily technical and trading outlook – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 17 May 2022 09:30GMT.

USD/JPY - 129.41

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 Mon'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 Tuesday

France ILO unemployment rate, U,K. Claimant count, ILO unemployment rate, employment change, average weekly earnings, Italy trade balance, CPI, EU employment, GDP.
U.S. retail sales, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index 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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