AceTraderFx Nov 18: Daily Recommendations on Major USD/JPY
DAILY MARKET OUTLOOK
Update Time: 18 Nov 2016 09:33 GMT
USD/JPY - 110.75
Although the greenback's intra-day rise to a fresh 5-1/2 month peak at 110.93 signals erratic medium-term uptrend remains in progress and consolidation with upside bias would be seen for marginal gain, reckon loss of momentum would prevent strong gain beyond here and risk would increase for a much-needed correction later today or early next week.
On the downside, only below 109.76 (previous resistance, now support) would indicate a temporary top has been made and risk stronger retracement towards 109.33.
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Update Time: 18 Nov 2016 09:33 GMT
USD/JPY - 110.75
Although the greenback's intra-day rise to a fresh 5-1/2 month peak at 110.93 signals erratic medium-term uptrend remains in progress and consolidation with upside bias would be seen for marginal gain, reckon loss of momentum would prevent strong gain beyond here and risk would increase for a much-needed correction later today or early next week.
On the downside, only below 109.76 (previous resistance, now support) would indicate a temporary top has been made and risk stronger retracement towards 109.33.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates