AceTraderFx Nov 01: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 01 Nov 2019 09:30GMT
USD/JPY - 107.98
Yesterday’s selloff to 107.93 in New York on active safe-haven yen buying due to renewed U.S-China trade concern, then 107.90 in Asia today suggests decline from Wed’s near 3-month peak at 109.28 would extend to 107.30/40 after consolidation, however, 106.94/04 should hold and yield correction.
On the upside, only above 108.50/59 would risk gain toward 108.75/80 before prospect of retreat.
U.S. will later release the blockbuster U.S. NFP, unemployment rate, average wage earnings, then Markit mfg PMI, construction spending, ISM mfg PMI. We have a number of Fed officials speaking during NY session after recent Fed blackout ahead of the FOMC, see EI section for details of their scheduled speeches.