AceTraderFx May 11: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
11 May 2018 03:10GMT
USD/JPY - 109.40.. Dlr pared initial loss in volatile Tokyo trading. Despite staging a recovery to 109.57 shortly after Tokyo open, a bout of yen buying quickly knocked the pair lower below Thursday's low (New York) at 109.32, price hit intra-day bottom of 109.20 after tripping stops below 109.30, however, lack of follow-through selling soon lifted price back to 109.42.
Yesterday's decline from 110.02 (Europe) to 109.32 in New York after tepid U.S. inflation data n falling U.S. yields, then 109.20 today suggests further broad sideways swings below May's 11-week peak at 110.04 would continue and from a technical standpoint, the volatile price action from said top is possibly developing into a triangle, so one can expect daily wild swings to continue but with a downward bias, so selling dlr on intra-day recovery is the way to go but last week's low at 108.65 (a-leg trough) should remain intact.
Offers are tipped at 109.50/60 with some stops above 109.65.
Bids are noted at 109.20-10 with stops below 109.00.
After yesterday's key U.S. inflation data, we have import and export prices, then later at 14:00GMT, we have University of Michigan consumer confidence index, street forecast for May is 98.5 vs previous reading at 95.5, if actual figure comes in lower than expectation, then the greenback will be sold as more downside retracement is likely after recent rise to a 4-1/2 month highs against the G7 currencies.
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Intra-Day Market Moving News and Views
11 May 2018 03:10GMT
USD/JPY - 109.40.. Dlr pared initial loss in volatile Tokyo trading. Despite staging a recovery to 109.57 shortly after Tokyo open, a bout of yen buying quickly knocked the pair lower below Thursday's low (New York) at 109.32, price hit intra-day bottom of 109.20 after tripping stops below 109.30, however, lack of follow-through selling soon lifted price back to 109.42.
Yesterday's decline from 110.02 (Europe) to 109.32 in New York after tepid U.S. inflation data n falling U.S. yields, then 109.20 today suggests further broad sideways swings below May's 11-week peak at 110.04 would continue and from a technical standpoint, the volatile price action from said top is possibly developing into a triangle, so one can expect daily wild swings to continue but with a downward bias, so selling dlr on intra-day recovery is the way to go but last week's low at 108.65 (a-leg trough) should remain intact.
Offers are tipped at 109.50/60 with some stops above 109.65.
Bids are noted at 109.20-10 with stops below 109.00.
After yesterday's key U.S. inflation data, we have import and export prices, then later at 14:00GMT, we have University of Michigan consumer confidence index, street forecast for May is 98.5 vs previous reading at 95.5, if actual figure comes in lower than expectation, then the greenback will be sold as more downside retracement is likely after recent rise to a 4-1/2 month highs against the G7 currencies.
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