AceTraderFx Mar 08: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 08 Mar 2018 09:30 GMT
USD/JPY - 105.94
The greenback's selloff last week and subsequent break of February's 15-month trough at 105.55 to 105.25 on Friday signals medium-term decline remains in progress and consolidation with downside bias remains for weakness towards 105.00/05, then to 104.76/80.
However, oversold condition would keep price above 104.50 and yield a much-needed correction alter this week.
On the upside, only above 106.55 would abort daily bearish outlook and risk stronger gain towards 107.20 before prospect of another retreat early next week.
The only data due out from the U.S. is weekly jobless claims and market awaits Trump's tariffs proclamation at 20:30GMT and then Friday's release of key U.S. jobs data.
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Update Time: 08 Mar 2018 09:30 GMT
USD/JPY - 105.94
The greenback's selloff last week and subsequent break of February's 15-month trough at 105.55 to 105.25 on Friday signals medium-term decline remains in progress and consolidation with downside bias remains for weakness towards 105.00/05, then to 104.76/80.
However, oversold condition would keep price above 104.50 and yield a much-needed correction alter this week.
On the upside, only above 106.55 would abort daily bearish outlook and risk stronger gain towards 107.20 before prospect of another retreat early next week.
The only data due out from the U.S. is weekly jobless claims and market awaits Trump's tariffs proclamation at 20:30GMT and then Friday's release of key U.S. jobs data.
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