Daily Recommendations on Major - USD/JPY
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Update Time: 24 Sept 2018 09:30 GMT
USD/JPY - 112.47
Despite the greenback's rally to as high as 112.87 last Friday on dollar's broad-based strength, subsequent retreat to 112.28 in New Zealand today suggests erratic upmove from August's trough at 109.78 has made a temporary top there and choppy trading with mild downside bias would be seen.
However, as broad outlook remains consolidative, reckon support at 112.05 should remain intact, yield rebound later.
On the upside, only above 112.87 would revive bullishness for gain towards daily resistance at 113.17 but over bought condition would keep price below 113.50.
On the data front, today is the Japan market holiday & China market holiday too.
Germany Ifo business climate, Ifo current conditions, Ifo expectations, UK CBI industry trends survey.
Canada wholesale sales, and U.S. national activity index, Dallas Fed manufacturing business index data out on Monday.
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