AceTraderFx Mar 22: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 22 Mar 2018 09:30 GMT
USD/JPY - 105.67
The greenback's selloff yesterday in New York afternoon on a dovish Federal Reserve rate hike and intra-day fall to 105.58 in Asia confirms early correction from March's 15-month trough at 05.25 has ended at 107.29 earlier and consolidation with downside bias remains for medium-term decline to resume and yield re-test of said support, break would extend towards 104.77/80 early next week.
On the upside, only above 106.61 would abort daily bearish outlook and risk stronger retracement to 107.29, break, 107.68 later.
Data out on Thursday:
Japan Nikkei manufacturing PMI, all industry activity, France business climate, GDP, Markit manufacturing PMI, Markit service PMI, Germany Markit manufacturing PMI, Markit service PMI, Ifo business climate, Ifo current conditions, Ifo expectations, EU current account, Markit manufacturing PMI, Markit service PMI, UK retail sales, core retail sales, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, QE total, QE corporate bond purchases.
U.S. initial jobless claims, monthly home price, Markit manufacturing PMI, leading indicator, Markit services PMI, KC Fed Manufacturing.