Daily Recommendations on Major - USD/JPY
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Update Time: 17 Jul 2018 9:30 GMT
USD/JPY - 112.35
The greenback's sideways move after last week's rally to a fresh 6-month peak at 112.79 Friday suggests medium-term rise from March's low at 104.57 remains in progress and consolidation with upside bias remains for further gain towards 113.00/10 later.
However, over bought condition would keep price below 113.28/30 and yield a much-needed correction later this week.
On the downside, only below 111.40 would indicate a temporary top has been made and risk would increase for a stronger retracement towards 111.01/10 but support at 110.77 should remain intact, yield rebound.
On the data front, U.S. will release a slew of eco. data starting with Redbook sales, industrial production, capacity ultization, mfg output n NABH housing market index. Pay attention to a 2-day semi-annual testimony by Fed chairman J. Powell who will be speaking before the Senate Banking Committee on the economy n monetary policy at 14:00GMT.
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