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Technical Analysis
AceTraderFx : Daily Recommendations on Major
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[QUOTE="AceTRaderForex, post: 197503, member: 22847"] [B]AceTraderFx [COLOR=darkred]July 16: [/COLOR] Daily Recommendations on Major –USD/JPY[/B] [B][ATTACH type="full"]18829[/ATTACH] DAILY MARKET OUTLOOK on Major[/B] Update Time[B]: 16 July 2021[/B] [I]09:30GMT[/I] USD/JPY - 110.14 Despite dollar's rally from last Thur's 3-week trough at 109.54 to 110.69 in Asia yesterday, subsequent selloff to 109.94 Wednesday on Federal Reserve Chairman Jerome Powell's dovish testimony, then 109.72 yesterday suggests said correction has ended and consolidation with downside bias remains for a re-test of said support, break would extend recent decline to 109.30 before prospect of a rebound. On the upside, only above 110421 would indicate a temporary low has been made and risk stronger retracement to 110.69. [B]Data to be released on Friday: [/B] New Zealand manufacturing PMI, CPI, Japan interest rate decision, Italy trade balance, global trade balance, EU trade balance, HICP, Canada housing starts, wholesale trade, U.S. retail sales, business inventories and University of Michigan sentiment. [/QUOTE]
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