Daily Recommendations on Major - USD/JPY
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Update Time: 14 Nov 2017 09:20 GMT
USD/JPY - 113.86
The greenback's rebound from last Thursday's low at 113.09 to 113.72 yesterday and then intra-day break of this resistance strongly suggests decline from last Monday's 7-1/2 month peak at 114.74 has made a temporary low there and choppy trading with upside bias would be seen but above 114.07 is needed to add credence to this view and extend towards 114.34 later.
On the downside, only below 113.22/25 would confirm aforesaid recovery has ended instead and turn outlook bearish for a re-test of 113.09, break, 112.70/73 later.
U.S. will release PPI data n Redbook retails sales at 13:30GMT. Chair Janet Yellen will participate in policy panel before the CB Conference, the theme is Communications Challenges for Policy Effectiveness, Accountability and Reputation at 10:00GMT. Other Fed officials will be speaking later today (please refer to EI page for details).
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