Daily Recommendations on Major -USD/JPY
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Update Time: 16 Apr 2018 09:30 GMT
USD/JPY - 107.21
Dollar's intra-day rally and subsequent break of April's 1-month peak at 107.49 to 107.78 last Friday signals medium-term rise from 104.57 has once again resumed and consolidation with upside bias remains for further gain towards 107.90/95.
However, over bought condition would prevent sharp rise beyond there and keep price below 108.28/30 and yield a much-needed correction later this week.
On the downside, only below 106.41 would indicate upmove from March's trough at 104.57 has ended there and instead and turn outlook bearish for a stronger retracement to 106.03.
Today's data:
Germany wholesale price, Swiss producer import price, and U.S. New York Fed manufacturing index,
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