AceTraderFx Nov 5: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 05 Nov 2015 08:17 GMT
USD/JPY - 121.62
The greenback's rally to 121.72 in New York morning yesterday on upbeat U.S. economic data together with hawkish comments from Fed's Yellen and intra-day breach of this level signals recent erratic upmove has resumed and consolidation with upside bias remains for further gain towards 122.15/20, however, loss of momentum would prevent strong gain above there and yield a much-needed correction later.
On the downside, only a daily close below 121.00 would indicate a temporary top has been made and turn outlook bearish for a stronger retracement to 120.50/60.
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Update Time: 05 Nov 2015 08:17 GMT
USD/JPY - 121.62
The greenback's rally to 121.72 in New York morning yesterday on upbeat U.S. economic data together with hawkish comments from Fed's Yellen and intra-day breach of this level signals recent erratic upmove has resumed and consolidation with upside bias remains for further gain towards 122.15/20, however, loss of momentum would prevent strong gain above there and yield a much-needed correction later.
On the downside, only a daily close below 121.00 would indicate a temporary top has been made and turn outlook bearish for a stronger retracement to 120.50/60.