Daily Recommendations on Major - USD/JPY
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Update Time: 13 Aug 2017 09:20 GMT
USD/JPY - 110.00
Although dollar's resumption of upmove from last Friday's 10-1/2 month bottom at 107.32 to as high as 110.29 today confirms medium-term downtrend has made a low there, 'loss of upward momentum' is expected to cap price below daily res at 110.67 and yield retrecement of said move.
Only below 109.59 signals temporary top is made and bring stronger pullback towards 109.24 but 109.00 should contain weakness.
Later in the day, U.S. will release final PPI data for August, so do not expect this to have much influence on intra-day price swing.
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