AceTraderFx July 14: Daily Recommendations on Major –USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 14 July 2021 09:30GMT
USD/JPY - 110.49
Dollar's rally from last Thur's 3-week trough at 109.54 to 110.69 in Asia today on the back of yesterday's release of robust U.S. inflation data suggests first leg of correction from Jul's 15-month peak at 111.65 has ended and gain to 110.90/95 would be seen after consolidation, loss of upward momentum should cap price below res at 111.18.
Only a daily close below 109.86 signals recovery is over and extends said decline towards next daily chart objective at 109.20.
After yesterday's market-moving U.S. CPI data, we have MBA mortgage applications and PPI, then later Fed's beige book. Traders are anxiously awaiting J.Powels semi-annual testimony at 16:00GMT (look out for release of his prepared text in New York morning) where he is expected to be grilled by U.S. lawmakers on his repeated comments on recent sharp rise in U.S. inflation is 'transitory'.
If he sounds anything less than dovish, then U.S. yields will jump n the greenback will do too ! Last and possibly the least, Minneapolis Fed President Kashkari will speak at 17:30GMT.
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Update Time: 14 July 2021 09:30GMT
USD/JPY - 110.49
Dollar's rally from last Thur's 3-week trough at 109.54 to 110.69 in Asia today on the back of yesterday's release of robust U.S. inflation data suggests first leg of correction from Jul's 15-month peak at 111.65 has ended and gain to 110.90/95 would be seen after consolidation, loss of upward momentum should cap price below res at 111.18.
Only a daily close below 109.86 signals recovery is over and extends said decline towards next daily chart objective at 109.20.
After yesterday's market-moving U.S. CPI data, we have MBA mortgage applications and PPI, then later Fed's beige book. Traders are anxiously awaiting J.Powels semi-annual testimony at 16:00GMT (look out for release of his prepared text in New York morning) where he is expected to be grilled by U.S. lawmakers on his repeated comments on recent sharp rise in U.S. inflation is 'transitory'.
If he sounds anything less than dovish, then U.S. yields will jump n the greenback will do too ! Last and possibly the least, Minneapolis Fed President Kashkari will speak at 17:30GMT.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time update