Daily Recommendations on Major - USD/JPY
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Update Time: 10 Jul 2019 09:30 GMT
USD/JPY - 108.95
Dollar's rally to 108.63 last Friday on robust U.S. NFP data, then to 108.97 yesterday and intra-day break of this resistance suggests upmove from June's 5-1/2 month trough at 106.79 has once again resumed and consolidation with upside bias is retained and above 108.63 would extend to 109.02/10, then 109.30 before prospect of a correction due to loss of momentum.
On the downside, only below 107.54 would indicate a temporary top has been made and risk stronger weakness to 107.25, then 107.06/10.
Data to be released on Wednesday :
France industrial output, Italy industrial output, UK GDP, industrial output, manufacturing output, trade balance.
U.S. mortgage applications, wholesale inventories and Canada BoC rate decision.
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