Daily Recommendations on Major - USD/JPY
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Update Time: 28 Apr 2017 09:40 GMT
USD/JPY - 111.30
Despite the greenback's retreat from Monday's high at 110.61 to 109.60 Tuesday, subsequent rally and break of aforesaid resistance to 111.77 Wednesday suggests corrective rise from April's 5-month trough at 108.13 has once again resumed and consolidation with upside bias would be seen for gain towards 111.88.
However, loss of momentum would prevent strong move beyond there and risk would increase for a much-needed correction later.
On the downside, only below 110.61 (previous resistance, now support) would indicate a temporary top has been made and risk stronger retracement to 110.30/34 before prospect of a rebound later.
Data to be released on Friday:
France GDP, PPI, Germany retail sales, UK BBA mortgage approvals, GDP, Italy CPI, PPI, EU CPI.
Canada GDP, U.S. PCE, GDP and consumer sentiment.
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