Daily Recommendations on Major - USD/JPY
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Update Time: 27 Sep 2016 09:20 GMT
USD/JPY - 100.54
Despite intra-day 1-tick break of last Thursday's 1-month trough at 100.10, subsequent rally to 100.99 suggests a minor low has possibly been made there and choppy trading with upside bias would be seen.
However, above resistance at 101.24 is needed to add credence to this view and yield stronger retracement of medium-term decline towards 101.58/60 before prospect of another retreat.
On the downside, only below 100.09 would revive bearishness for weakness towards 99.70/80.
However, near term loss of momentum would keep price above key daily support at 99.54 and yield correction.
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