AceTraderFx Feb 28: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 28 Feb 2020 09:30GMT
USD/JPY - 108.80
Dollar’s decline to 109.58 near New York close yesterday, then intra-day fall below said support on selloff in U.S. stocks and yields suggests medium term upmove from 2019 33-month bottom at 104.46 has made a temporary top at last Thursday’s 9-1/2 month peak of 112.22 and further weakness to 108.32/35 would be seen after consolidation but oversold condition may keep price above 108.00.
On the upside, only above 109.58/68 would indicate temporary low made and risk stronger retracement to 110.00/10.
Data to be released on Friday :
UK GfK consumer confidence, nationwide house price, Germany import prices, unemployment change, unemployment rate, CPI, HICP, Swiss retail sales, KOF indicator, France consumer spending, GDP, CPI (EU norm), CPI, producer prices, Italy CPI, CPI (EU norm).
U.S. personal income, personal spending, core PCE price index, PCE price index, trade balance, wholesale inventories, Chicago PMI, University of Michigan sentiment, and Canada GdP, production prices, budget balance.