Daily Recommendations on Major - USD/JPY
|
Update Time: 18 May 2018 09:30 GMT
USD/JPY - 110.95
Intra-day break above yesterday's 110.86 high to a fresh 3-1/2 month peak of 111.00 in Asia due to continued rise in U.S. yields suggests marginal gain would be seen after consolidation, near term loss of upward momentum should cap price below minor res at 111.48 and risk has increased for a correction to take place.
On the downside, only a daily close below 110.45 (previous res, now sup) signals temporary top is made and risks stronger retracement to 110.04/08 before prospect of rebound.
Although no U.S. eco. data is due out today, 3 prominent Fed officials will be speaking during the day, starting with Cleveland Fed President Mester (voter) at 07:00GMT in Frankfurt, then Dallas Fed's Kaplan (non-voter) at 13:15GMT and also at the same time but in a different place, Fed Board Gov. Brainard (voter).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.