AceTraderFx Jan 30: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 30 Jan 2020 09:30GMT
USD/JPY - 108.85
Despite the greenback’s rebound from Monday’s 2-week trough at 108.74 to 109.27 in Australia yesterday, subsequent retreat suggests the recovery has ended and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from January’s fresh 7-1/2 month peak at 110.28 to 108.44/50 later before prospect of a correction early next week.
On the upside, only above 109.27 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 109.60/65.
Data to be released later:
Swiss KOF indicator, Germany unemployment change, unemployment rate, CPI, HICP, Italy unemployment rate, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, unemployment rate, UK BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corporate bond purchases.
U.S. GDP, PCE prices, initial jobless claims, and Canada average weekly earnings.