Daily Recommendations on Major -USD/JPY
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Update Time: 18 Dec 2017 10:00 GMT
USD/JPY - 112.71
The greenback's selloff to as low as 112.46 Wednesday after the Federal Reserve hiked its rate by 25 bps, then to 112.07 yesterday suggests corrective rise from November's 2-month trough at 110.84 has made a temporary top at 113.75 Tuesday and choppy trading with downside bias would be seen for weakness towards 111.70/74.
However, support at 111.41 should remain intact initially and yield rebound.
On the upside, only above 113.25 (previous support, now resistance) would indicate said pullback is over and risk re-test of said res, break would extend to 114.10/20.
Data to be released on Monday:
Italy trade balance, EU CPI, core CPI, U.K. CBI industry trends survey and U.S. NAHB housing market on Monday.
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