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Technical Analysis
AceTraderFx : Daily Recommendations on Major
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[QUOTE="AceTRaderForex, post: 195421, member: 22847"] [B]AceTraderFx [COLOR=darkred]May 17: [/COLOR]Daily Recommendations on Major –USD/JPY [ATTACH type="full"]18442[/ATTACH] DAILY MARKET OUTLOOK on Major[/B] Update Time[B]: 17 May 2021[/B] [I]09:30GMT[/I] USD/JPY - 109.28 Despite the greenback's rally last Wednesday on the release of upbeat U.S. inflation data to a 1-month peak at 109.78 Thursday, subsequent retreat on weak US retail sales data Friday suggests the upmove from March's bottom at 107.49 has possibly made a temporary top there and choppy trading with downside bias would be seen, however, 108.98/05 should remain intact and yield another rebound. On the upside, only above 109.65 would revive bullishness for a re-test of said resistance, break would head to 110.05/10 before prospect of correction. On the data front, U.S. will later release New York fed mfg index n then NAHB housing market index. Fed's Vice Chairman Clarida will speak at a financial forum at 14:05GMT. [/QUOTE]
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