Daily Recommendations on Major - USD/JPY
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Update Time: 15 Jan 2019 09:30 GMT
USD/JPY - 108.64
The greenback's rally from yesterday's low at 107.99 to 108.75 today suggests pullback from last Tuesday's high at 109.09 has ended there and consolidation with upside bias remains for upmove from January's 9-month trough at 104.79 to resume and yield re-test of said resistance, break would extend towards 109.45/50 but over bought condition would keep price below 109.75 this week and yield correction later.
On the downside, only below 107.77 would indicate temporary low has been made, risk stronger retracement towards 107.50/52.
Data to be released on Tuesday:
France budget balance, CPI, Germany annual GDP, EU trade balance, UK Parliamentary vote on Brexit'
U.S. New York Fed manufacturing index, PPI, redbook, building permits, wholesales inventories, wholesale sales, durable goods, durables ex-defence, durables ex-transport, factory orders, new home sales, construction spending.
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