Daily Recommendations on Major - USD/JPY
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Update Time: 19 Dec 2018 09:30 GMT
USD/JPY - 112.36
Dollar intra-day brief break of previous Dec's 112.24 low due to renewed safe-haven yen buying suggests erratic fall from 114.21 (November) has resumed and although downside bias remains for marginal weakness in anticipation of Fed's dovish hike later today, near term loss of momentum should keep price above 111.60/70.
Only a daily close above 112.86 confirms temporary low has been made, then risk is seen for stronger retracement to 113.15/25 later.
On the data front ahead of Fed's rate decision n Fed Chair J. Powell's post-FOMC presser, U.S. will release MBA mortgage applications, current account n exiting home sales.
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