Daily Recommendations on Major -USD/JPY
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Update Time: 13 Mar 2018 09:30 GMT
USD/JPY - 106.96
Despite the greenback's selloff to a fresh 15-month trough at 105.25 in early March, subsequent strong rebound to 106.46 last Tuesday and then rise above this resistance to 107.05 last Friday suggests recent downtrend has made a temporary low there and choppy trading with upside bias would be seen for gain towards 107.10/20, however, near term loss of momentum would keep price below 107.68/70 and yield correction.
On the downside, only below 105.89 would indicate aforesaid correction has ended and risk marginal weakness but aforesaid low should remain intact ahead of U.S. jobs report release.
Data to be released on Tuesday:
France non-farm payrolls, and U.S. core CPI, CPI, Redbook.
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