Daily Recommendations on Major - USD/JPY
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Update Time: 13 Nov 2019 09:53 GMT
USD/JPY - 109.13
Despite dollar's retreat from last Thursday's 5-month high at 109.48 to 108.88 (Asia) today, subsequent rebound signals pullback has possibly ended and consolidation with upside bias would be seen for re-test of 108.48, break would extend upmove from 104.46 (Aug) to 109.60/65 but 109.93 should hold and bring correction.
On the downside, only below 108.88 would risk weakness towards 108.66 which should hold on first testing.
Market focus is now on Federal Reserve Chairman Jerome Powell's testimony before the congressional Joint Economic Committee at 16:00GMT. Traders should be on the lookout for comments on whether the central bank is looking at additional rate cuts after Trump's comments late last night.
Also pay attention to the release of U.S. CPI mm and yy at 13:30GMT. Street forecasts are 0.3% and 1.7% vs previous readings of 0.0% and 1.7% respectively.
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