AceTraderFx Aug 02: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 02 Aug 2017 09:01 GMT
USD/JPY - 110.81
Although the greenback has staged a recovery after Wednesday's selloff from a New York high at 112.20 to 110.78 in Asia yesterday on the back of yesterday's slightly dovish Federal Reserve monetary policy statement and minor consolidation would be seen, as said move signals recovery from Monday's low at 110.64 has ended there, downside bias remains for decline from July's peak at 114.49 to resume and yield re-test of said support, break, 110.20/24 later.
On the upside, only above 111.72 (previous support) would abort daily bearish outlook and risk stronger gain towards 112.08, then 112.20 again.
Data to be released later on Wednesday:
U.K. BRC shop price index, Swiss consumer confidence, retail sales, manufacturing PMI, EU Non-monetary policy ECB meeting, PPI, U.K. Markit construction PMI, and U.S. MBA mortgage application, ADP employment change, ISM NY index.
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