Daily Recommendations on Major - USD/JPY
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Update Time: 16 Apr 2019 09:30 GMT
USD/JPY - 111.92
Although dollar's retreat after yesterday's 1-tick break of Friday's high at 112.09 suggests consolidation is in store before a re-test of March's 10-week peak at 112.14 is forthcoming and a break there would extend upmove from January's 9-month trough at 104.79 towards 112.35 later, loss of momentum would prevent sharp move beyond there and risk would increase for a much-needed correction.
On the downside, only below 111.28 would indicate a temporary top has been made and risk stronger retracement to 110.83 later this week.
U.S. will release a slew of eco. data starting with Redbook sales, industrial production, capacity utilization, mfg output, whilesales inventories, NAHB Housing Market index and Fed's beige book.
We also have Dallas Fed President Kaplan (non-voter) who's participating in a moderated question-and-answer session before a community forum hosted by the Federal Reserve Bank of Dallas.
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