Daily Recommendations on Major - USD/JPY
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Update Time: 12 Sept 2018 09:30 GMT
USD/JPY - 111.47
Despite dollar's initial drop to 110.38 on Friday on active yen-buying, subsequent rally to 111.25 the same day, then to 111.65 today suggests recent decline from 111.83 to retrace upmove from August's trough at 109.78 has made a temporary low there and choppy trading with upside bias would be seen for gain towards 111.83.
However, near term loss of momentum would keep price below 112.13, yield retreat.
On the downside, only below 110.38 would revive bearishness for weakness towards 110.11 but August's low at 109.78 would hold on first testing.
On the data front, U.S. will later release MBA mortgage applications, Aug PPI, core PPI and last but not least Fed's beige book at 18:00GMT.
We also have 3 Fed officials delivering speeches later today, pls refer to EI page for details.
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