Daily Recommendations on Major - USD/JPY
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Update Time: 11 Jan 2018 09:30 GMT
USD/JPY - 111.78
The greenback's selloff to 112.37 yesterday and then intra-day fall below this support and previous low at 112.03 signals erratic decline from December's peak at 113.75 has finally resumed and further weakness towards 111.65/70 would be seen after consolidation, however, loss of momentum would keep price above 111.41 and yield a much-needed correction later this week.
On the upside, only above 113.39 would revive bullishness for gain towards 113.64 but resistance at 113.75 should hold on first testing and yield retreat.
Ahead of Friday's key retail sales n CPI data, U.S. will release weekly jobless claims, final December PPI and Federal budget. Also, the out-going New York Fed President Dudley will be speaking at 20:30GMT.
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