AceTraderFx May 17: Daily Recommendations on Major -USD/JPY
[B]DAILY MARKET OUTLOOK on Major [/B]
Update Time: [B] 17 May 2018[/B] [I]09:30 GMT[/I]
USD/JPY - 110.58
The greenback’s rise above May’s near 11-week peak at 110.04 to 110.45 yesterday, then 110.63 today on a rally in U.S. yields suggests erratic upmove from March’s trough at 104.57 has finally resumed and consolidation with upside bias would be seen for stronger gain towards 110.80/84.
However, loss of momentum would keep price below 111.00 and yield a much-needed correction later.
On the downside, only below 109.55 would indicate a temporary top has been made and risk stronger retracement of aforesaid rise to 109.42 but support at 109.15 should remain intact and yield rebound later this week.
[B]Data to out on Thursday : [/B]
New Zealand PPI input, PPI output, Japan machinery orders, Australia employment change, unemployment rate.
France ILO unemployment rate, Italy trade balance EUR, trade balance non-EU, EU construction output, trade balance EUR.
U.S. initial jobless claims, Philadelphia Fed survey, and Canada ADP employment change.