Daily Recommendations on Major - USD/JPY
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Update Time: 17 Sept 2019 09:30GMT
USD/JPY - 108.16
Dollar's intra-day break of last Friday's top at 108.26 to a 6-week high of 108.36 (Asia) suggests recent upmove from August's 33-month trough at 104.46 has resumed and would head to 108.74 after consolidation before prospect of correction due to loss of momentum.
On the downside, only below 107.69 signals temporary top is made and yield stronger retracement to 107.48/53.
The Fed will start its 2-day FOMC meeting today and on the data front, we have Redbook sales, industrial production, capacity utilization, manufacturing output, and NAHB housing market index.
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