AceTraderFx Mar 01: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 01 Mar 2018 09:30 GMT
USD/JPY - 106.87
The greenback's break of last Friday's low at 106.51 to 106.38 Monday strongly suggests correction from February's 15-month peak at 105.55 has ended at 107.90 last Wednesday and choppy trading with downside bias would be seen for weakness towards 106.20/24, however, near term loss of momentum would keep price above 106.10 today and yield a rebound later.
On the upside, only above 107.68 would indicate pullback from 107.90 has ended instead and turn outlook bullish for a re-test of said resistance.
Data out on Thursday:
Swiss GDP, retail sales, manufacturing PMI, Germany import prices, export prices, Markit manufacturing PMI, Italy Markit manufacturing PMI, unemployment, France Markit manufacturing PMI, EU Markit manufacturing PMI, unemployment rate, U.K. Markit manufacturing PMI.
U.S. personal income, personal spending, PCE price index, initial jobless claims, Markit manufacturing PMI, construction spending, ISM manufacturing PMI, and Canada Markit manufacturing PMI