AceTraderFx Oct 25: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 25 Oct 2019 09:30GMT
USD/JPY - 108.63
Despite dollar’s retreat from yesterday’s high at 108.75 in Europe to 108.50 (NY), subsequent rebound to 108.70 in Asia today signals pullback has ended and consolidation with upside bias remains for re-test of last Thur’s 2-1/2 month’s top at 108.93, where break would extend rise from Aug’s 33-month trough at 104.46 to 109.31.
On the downside, only below 108.26 would risk weakness to 108.00/04, then 107.76.
The economic calendar is relatively light today. U.S. will release its University of Michigan Consumer Confidence at 14:00GMT. Street forecast is for an unchanged reading of 96.0.