Daily Recommendations on Major - USD/JPY
|
Update Time: 11 Jan 2019 09:30 GMT
USD/JPY - 108.29
Despite the greenback's rise to 109.09 on Tuesday, subsequent retreat to 107.77 yesterday suggests the first leg of correction from January's 9-1/2 month trough at 104.79 has ended there and consolidation with downside bias remains for weakness towards 107.52, however, loss of momentum would keep price above 107.12 and yield rebound early next week.
On the upside, only above 108.68 would indicate said pullback has ended instead and risk re-test of 109.09, break would extend towards 109.50/60.
T.G.I.F., U.S. will later release a slew of eco. data starting with Dec core CPI, real weekly earnings, trade budget and Federal budget. Pay attention to core CPI and weekly earnings as these are the Fed's inflation barometer, so if actual readings come in higher than forecast, usd will rise.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.