AceTraderFx Jan 21: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 21 Jan 2016 08:44 GMT
USD/JPY - 116.93
Despite yesterday's resumption of recent downtrend to a 1-year bottom of 115.97 in Europe, subsequent erratic rise to 117.05 in New York due to recovery in the Dow, then intra-day cross-inspired rally to 117.48 in Asia confirms temporary low has been made and 2-3 days of choppy consolidation is in store.
As dollar has rebounded after a strong retreat to 116.47 in early European morning due to renewed weakness in Asian equities after initial recovery, near term upside bias is retained for a long-awaited minor correction to 117.69/71 but reckon res at 118.18 should cap upside and yield another fall later today or tomorrow.
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Update Time: 21 Jan 2016 08:44 GMT
USD/JPY - 116.93
Despite yesterday's resumption of recent downtrend to a 1-year bottom of 115.97 in Europe, subsequent erratic rise to 117.05 in New York due to recovery in the Dow, then intra-day cross-inspired rally to 117.48 in Asia confirms temporary low has been made and 2-3 days of choppy consolidation is in store.
As dollar has rebounded after a strong retreat to 116.47 in early European morning due to renewed weakness in Asian equities after initial recovery, near term upside bias is retained for a long-awaited minor correction to 117.69/71 but reckon res at 118.18 should cap upside and yield another fall later today or tomorrow.