AceTraderFx Aug 29: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 29 Aug 2019 09:30 GMT
USD/JPY - 106.09
Despite dollar’s initial fall to a 33-month trough at 104.46 on Monday, subsequent rise to 106.41 suggests medium term decline has made a temporary low and Tuesday’s retreat to 105.60 signals first leg of correction has ended and range trading would be seen before prospect of another upmove.
Only below 105.60 would risk weakness to 105.41/44, break may extend towards 105.21.
Data to be released later:
Swiss non-farm payrolls, France consumer spending, GDP, Germany unemployment change, unemployment rate, CPI, HICP, Italy industrial orders, industrial sales, PPI, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
Canada current account, average weekly earnings, and U.S. GDP, PCE, wholesale inventories, initial jobless claims, trade balance, pending home sales.