AceTraderFx Oct 30: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 30 Oct 2018 10:00 GMT
USD/JPY - 112.82
Despite the greenback’s selloff to a fresh 5-week trough at 111.38 last Friday, subsequent rally to 112.56 yesterday and intra-day break of this resistance suggests decline from October’s near 11-month peak at 114.55 has made a temporary low there and choppy trading with upside bias would be seen for a stronger retracement.
However, 112.97 (50% r) should remain intact and yield retreat later.
On the downside, only below 112.19 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness towards 111.63/65.
Data to be released later :
France GDP, consumer spending, Swiss KOF indicator, German unemployment change, CPI, HICP, Italy GDP, business confidence, consumer confidence, EU GDP, business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, UK CBI Distributive Trades.
U.S. redbook, CS home price, consumer confidence.