DAILY MARKET OUTLOOK Update Time: 21 May 2015 08:07 GMT
USD/JPY - 121.00
Although dollar's rally above daily resistance at 120.84 to 121.48 yesterday signals an 'upside break' of early 10-week long broad range of 122.03-118.33 has taken place, subsequent retreat following the release of FOMC minutes suggests 1-2 days of consolidation would be seen.
However, reckon 120.27 (previous resistance, now sup) would hold and bring another up move later.
Above 121.48 would extend gain to 121.67 and then towards 2015 peak at 122.03 (March).
On a failure to penetrate 122.03 and a daily close below 120.27 would indicate price would remain confined inside aforesaid 122.03-118.33 broad range and yield weakness towards 119.83/93 and then 119.40/50.
Recommended Content
Editors’ Picks
EUR/USD clings to gains near 1.0750 ahead of US jobs report
EUR/USD clings to modest gains at around 1.0750 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.