Daily Recommendations on Major - USD/JPY
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Update Time: 14 Nov 2018 09:30 GMT
USD/JPY - 113.87
The greenback's rally on Monday and subsequent break of last Thursday's high at 114.09 to 114.21 signals recent erratic upmove from 111.38 has resumed and subsequent retreat would yield consolidation before prospect of gain towards 114.40/45.
However, near term loss of momentum would keep price below October's near 11-month peak at 114.55 and yield retreat later.
On the downside, only below 113.64 would indicate a temporary top has been made and risk stronger retracement towards 113.39 (previous resistance) but 112.95 should contain downside.
Data to be released later on Wednesday :
Germany GDP, France CPI, UK CPI, RPI, PPI input prices, PPI output prices, EU GDP, industrial production, and U.S. MBA mortgage application, CPI, real weekly earnings, redbook.
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