Daily Recommendations on Major - USD/JPY
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Update Time: 11 Jul 2019 09:30 GMT
USD/JPY - 108.07
Despite the greenback's resumption of upmove from June's 5-1/2 month trough at 106.79 to a 1-month peak at 108.99 in Asia yesterday, subsequent selloff in New York session to 107.86 today on Federal Reserve Chair Powell's dovish remarks to Congress suggests a temporary top has been made and consolidation with downside bias remains for weakness to 107.50/54, however, near term loss of momentum would keep price above 107.21.
On the upside, only above 108.36 would indicate said pullback has ended instead and risk gain to 108.63, then 108.99 early next week.
Data to be released on Thursday :
Germany CPI, HICP, France CPI, Canada new housing price index, U.S. weekly earnings, CPI, core CPI and Federal budget.
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