AceTraderFx Jul 28: Daily Recommendations on Major -USD/JPY

Update Time: [B]28 Jul 2015[/B] [I]08:00 GMT[/I]

[B]USD/JPY - 123.65[/B]
Dollar’s intra-day strong rebound after holding above Monday’s fresh 1-week low at 123.01 suggests correction from last Tuesday’s high of 124.48 has possibly ended there consolidation with upside bias would be seen.
However, break of resistance at 124.19 is needed to confirm this view and bring resumption of upmove from July’s bottom at 120.42 to re-test said high, then towards 125.00/07.

On the downside, below 123.01/08 would yield stronger retracement to 122.92 and then 122.45 but support at 122.05 should remain intact.

Will the FOMC Minutes be the catalyst for a USD/JPY move higher?

Wilson Leung, Director, Trendsetter FX, joined Tip TV to offer the technical outlook for USD/JPY and GBP/USD. USD/JPY – Will the dollar bulls return? Leung believes that the US FOMC Minutes to be released ahead might be the catalyst dollar bulls await. He further maintains a buy on dips approach on the pair, suggesting to buy any weakness towards the 124.00 area, but maintains a stop loss at 123.00 Leung believes that USD/JPY will have to stage a break of its yearly highs at 125.86 for the dollar bulls to be back in control.

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