Daily Recommendations on Major - USD/JPY
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Update Time: 28 Jul 2017 09:07 GMT
USD/JPY - 111.10
Although the greenback has staged a recovery after Wednesday's selloff from a New York high at 112.20 to 110.78 in Asia yesterday on the back of yesterday's slightly dovish Federal Reserve monetary policy statement and minor consolidation would be seen, as said move signals recovery from Monday's low at 110.64 has ended there, downside bias remains for decline from July's peak at 114.49 to resume and yield re-test of said support, break, 110.20/24 later.
On the upside, only above 111.72 (previous support) would abort daily bearish outlook and risk stronger gain towards 112.08, then 112.20 again.
On the eco. data front, France will release prel. GDP, CPI n consumer spending, then EU will release consumer confidence, business climate, eco. n industrial sentiment n last but least, at 12:00GMT, Germany will release CPI n HICP data.
Pay attention to release of key U.S. prel. Q2 GDP, PCE n employment cost at 12:30GMT, then University of Michigan July's consumer confidence. Minneapolis Fed President Kashkari (voter) will deliver at speech at townhall event at 17:20GMT.
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