AceTraderFx Oct 30: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 30 Oct 2017 09:32 GMT
USD/JPY - 113.72
Despite the greenback's rally from Thursday's low at 113.34 to a fresh 3-1/2 month peak at 114.45, subsequent retreat signals recent erratic upmove has formed a temporary top there and choppy trading with downside bias would be seen for weakness towards 113.20/24, then 112.80/90 but loss of momentum would keep price above 112.50 and yield rebound later this week.
On the upside, only above 114.45 would revive bullishness for gain towards 114.60/70 before prospect of a correction due to over bought condition.
Data to be released today:
Japan retail sales, Germany retail sales, Swiss KOF leading indicator, U.K. mortgage approvals, EU business climate, economic sentiment, industrial sentiment, servcies sentiment, consumer confidence.
U.S. personal income, personal spending, PCE, core PCE, Dallas Fed manufacturing business index, and Germany CPI, HICP on Monday.