AceTraderFx Jun 06: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 06 Jun 2019 09:30 GMT
USD/JPY - 108.24
Despite yesterday’s rally from a near 5-month low at 107.82 to 108.48 in New York on broad-based usd’s strength, subsequent retreat to 108.19 in Australia, then lower to 108.08 in Europe on U.S.-Mexico trade tension suggests recovery has possibly ended and decline from April’s 112.39 high would resume and extend towards 107.60/65 but 107.30 should remain intact.
On the upside, only above 108.72 would risk stronger retracement towards 109.00/10 before retreat.
Data to be released on Thursday :
Germany industrial orders, EU employment, GDP, ECB interest rate decision.
U.S. trade balance, jobless claims, labor costs, productivity, Canada trade balance, exports, imports and Ivey PMI.