AceTraderFx Dec 08: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 08 Dec 2017 09:30 GMT
USD/JPY - 113.49
The greenback's rally in New York yesterday and subsequent break of Monday's high at 113.09 signals upmove from last week's 2-month trough at 110.84 has once again resumed and consolidation with upside bias would be seen for stronger retracement of erratic decline from November's 4-month peak at 114.74 towards 113.80/90 but near term loss of momentum would keep price below 114.07/10.
On the downside, only below 112.86 would indicate a temporary top has been made and risk stronger correction to 112.37/40 before prospect of a rebound later.
Data to be released on Friday:
Japan current account, GDP, trade balance, eco watchers outlook, eco watchers current, China exports, imports, trade balance.
Italy market holiday, Germany exports, imports, current account, trade balance, France industrial output, budget balance, U.K. construction output, industrial output, manufacturing output, trade balance, NIESR GDP estimate.
Canada housing starts, capacity utilisation, and U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, University of Michigan sentiment, wholesale inventories and wholesale sales.