AceTraderFx May 02: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 02 May 2019 09:30 GMT
USD/JPY - 111.53
Despite the greenback’s fall to 111.05 in post-FOMC trading, subsequent rally to 111.61 in New York afternoon on Powell’s usd supportive comments and intra-day break of this resistance suggests decline from April’s 4-month peak at 112.39 has made a temporary low there and consolidation with upside bias remains for gain to 111.90, however, near term loss of momentum would keep price below 112.05/10 and yield retreat.
On the downside, only below 111.05 would revive bearishness for weakness to 110.85, then 110.53 before prospect of a much-needed correction.
Data to be released on Thursday:
Germany retail sales, Markit manufacturing PMI, Swiss retail sales, manufacturing PMI, Italy Markit manufacturing PMI, France Markit manufacturing PMI, UK Markit construction PMI, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corporate bond purchases, and U.S. initial jobless claims, labor costs, productivity, ISM New York index, durables ex-defense, durable goods, factory orders, durables ex-transport.