Daily Recommendations on Major - USD/JPY
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Update Time: 18 Sept 2019 09:30GMT
USD/JPY - 108.18
Dollar's retreat after yesterday's gain to a 6-week high at 108.36 suggests recent upmove from August's 33-month trough at 104.46 has made a temporary top and range trading would be seen before said rise extends to 109.03 but 109.31 would hold and yield correction.
On the downside, only below 107.92 would risk stronger retracement towards 107.69, then 107.48.
FOMC and subsequent J. Powell's press conference are the biggest events for the month. Market is pricing in for a 25 basis point rate cut but some are even expecting Fed to restart QE programme, if this does occur, then the greenback would be bashed down hard.
Until then, U.S. will release MBA mortgage applications, building permits n housing starts.
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