AceTraderFx Jan 16: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 16 Jan 2019 09:30 GMT
USD/JPY - 108.62
The greenback’s rally from Monday’s low at 107.99 to 108.76 yesterday suggests pullback from last Tuesday’s high at 109.09 has ended there and consolidation with upside bias remains for upmove from January’s 9-month trough at 104.79 to resume and yield re-test of said resistance, break would extend towards 109.45/50 but over bought condition would keep price below 109.75 this week and yield correction later.
On the downside, only below 107.77 would indicate temporary low has been made, risk stronger retracement towards 107.50/52.
Data to be released on Wednesday:
Germany CPI, HICP, Italy industrial orders, industrial sales, CPI, UK CPI, RPI, PPI input, PPI output, BBA mortgage approvals, DCLG house price index, and U.S. building permits, wholesales inventories, wholesale sales, durable goods, durables ex-defence, durables ex-transport, factory orders, new home sales, construction spending, MBA mortgage application, import prices, export prices, retail sales, business inventories, NAHB housing market index, Fed’s Beige Book.