Daily Recommendations on Major - USD/JPY
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Update Time: 18 Jan 2018 09:30 GMT
USD/JPY - 111.21
The greenback's sharp fall and subsequent break of November's trough at 110.84 to a fresh 4-month low at 110.48 Monday, then 110.20 today signals erratic decline from November's peak at 114.74 has finally resumed and choppy trading with downside bias would be seen for weakness towards 110.10/15.
However, over sold condition would keep price above 109.70/74 and yield a much-needed correction later this week.
On the upside, only above 111.19 would indicate a temporary low has been made and risk would increase for a stronger retracement to 111.69/70.
Data release on Thursday :
Australia consumer sentiment, employment change, unemployment rate, Japan industrial production, producer/import price, China house price, industrial output, retail sales, GDP, and U.S.housing starts, building permits, initial jobless claims, Philadelphia Fed survey.
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