Daily Recommendations on Major - USD/JPY
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Update Time: 16 May 2019 09:30 GMT
USD/JPY - 109.47
Despite dollar's fall from 109.70 in Europe to 109.16 (New York) yesterday, subsequent strong rebound to 109.68 suggests choppy trading above Monday's 3-month low at 109.02 would continue, intra-day retreat would bring range trading before prospect of another rise but 110.05 should remain intact and yield another decline.
Only below 109.16 would risk re-test of 109.02, break may yield marginal weakness towards 108.84 before rebound.
U.S. will release weekly jobless claims, building permits, housing starts, Philly Fed survey all due out at 12:30GMT, so one can expected market reaction after this data dump. Also, pay attention to speeches by Minneapolis Fed President Kashkari and Fed Governor Brainard near New York mid-day.
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