AceTraderFx Feb 05: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 05 Feb 2020 09:30GMT
USD/JPY - 109.35
Dollar’s rally from 108.56 in Asia to as high as 109.54 in New York yesterday suggests recent decline from Jan’s 7-1/-2 month peak at 110.28 has made a temporary bottom at last Fri’s 3-week trough of 108.32 and intra-day retreat would bring range trading before prospect of another rise, however, reckon 110.00/09 should hold.
On the downside, only below 108.95/00 would risk stronger retracement to 108.80/85, then 108.56.
U.S. President Trump is due to deliver his annual State of the Union address at 02:00GMT which is likely to be usd/yen positive.
Later, U.S. will release a slew of eco. data (see our EI section for details), pay attention to ADP private payrolls at 13:15GMT.