Daily Recommendations on Major - USDJPY
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Update Time: 13 Sept 2018 10:00 GMT
USD/JPY - 111.44
Despite yesterday's retreat from Australian high at 111.65 to 111.12 in New York on soft U.S. PPI data, intra-day rebound suggests consolidation with upside bias remains and above said resistance would bring re-test of 111.83. Above would indicate upmove from August's trough at 109.78 has resumed and extend towards daily resistance at 112.15, however, loss of momentum would keep price below 112.40/50, yield correction.
On the downside, only below 111.12 would indicate near term rise from 110.38 has made a temporary top there instead and risk stronger weakness towards 109.95/00.
Data out later on Thursday :
Germany CPI, HICP, France CPI, Swiss producer/import price, UK BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corp bond purchases, EU ECB interest rate decision, ECB deposit rate decision.
U.S. CPI, real weekly earnings, initial jobless claims, Federal budget, and Canada new housing price index.
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