AceTraderFx May 18: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 18 May 2020 09:30GMT
USD/JPY - 107.16
Although dollar’s retreat from last Monday’s 2-week high at 107.76 to 106.75 Wednesday suggests first leg of correction from May’s 7-week bottom at 105.99 has ended, subsequent rebound to 107.43 on Friday, then retreat to 106.86 would bring further choppy sideways swings before prospect of another rise, above 107.76 would head to 108.03/08.
On the downside, only below 106.75 would risk weakness to 106.51 but 106.20/23 should remain intact.
Data to be released later :
UK Righmove house price, Japan GDP, tertiary industry activity, Canada market .
U.S. NAHB housing on Monday.