Daily Recommendations on Major -USD/JPY
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Update Time: 13 Feb 2018 05:30 GMT
USD/JPY - 107.68
Despite dollar's cross-inspired resumption of recent erratic decline to a 5-month bottom of 108.05 on Friday, as price has has risen in tandem with rally in U.S. stocks, suggesting temporary low has been made and 1-2 days of choppy consolidation is in store with upside bias.
Above 108.95 (AUS) would encourage for stronger retracement to 109.31, however, reckon res at 109.79 should cap upside and only below 108.26/30 risks weakness to 108.00/05.
U.S. eco. calendar is very thin with Redbook retail sales being the only data due out ahead of Wed's key inflation n retail sales data.
Last but not least, Cleveland Fed President (voter) will speak on the economic outlook at a breakfast conference at 13:00GMT.
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