Daily Recommendations on Major - USD/JPY
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Update Time: 25 May 2017 09:05 GMT
USD/JPY - 111.78
The greenback's recent swings after last Thursday's rebound from 110.24 to 112.13 are likely to continue and intra-day rebound from 111.46 has retained bullishness but above 112.13 is needed to yield stronger retracement of decline from May's peak at 114.37 towards 112.24/30.
However, resistance at 112.94 should remain intact this week and yield retreat.
On the downside, only below 110.53 would confirm the recovery from 110.24 has ended instead and turn outlook bearish for weakness to 110.24, break, 110.00 later.
Data to be released on Thursday:
Italy industrial sales, industrial orders, UK mortgage approvals, GDP, U.S. jobless claims, trade balance and wholesale inventories.
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