AceTraderFx Feb 20: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 20 Feb 2018 09:30 GMT
USD/JPY - 106.99
Despite the greenback's fall to a fresh 15-month trough at 105.55 last Friday, subsequent strong rebound suggests a temporary low has been made there and consolidation with upside bias remains for a retracement to 107.16/20.
However, near term loss of momentum would keep price below 107.54 ahead of Wednesday's FOMC minutes release and yield a retreat later.
On the downside, only below 106.10 would indicate the recovery has ended instead and turn outlook bearish for a re-test of 106.55, break, 106.20/25.
Data to be released on Tuesday:
New Zealand PPI input, PPI output, GDT price index, China market holiday, Germany PPI, ZEW economic sentiment, ZEW current conditions, Swiss trade balance, exports, imports, industrial orders, EU ZEW economic sentiment, consumer confidence, UK CBI industrial trends survey, and Canada wholesale sales.