Daily Recommendations on Major - USD/JPY
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Update Time: 20 Nov 2019 09:30GMT
USD/JPY - 108.42
The greenback's selloff from Monday's high at 109.06 to 108.46 yesterday, then lower to 108.36 today suggests the recovery from last Thursday's low at 108.25 has ended there and consolidation with downside bias remains for a re-test of said support, break would signal decline from November's 5-month peak at 109.48 has resumed and extend to 107.90 before prospect of correction due to over sold condition.
On the upside, only above 109.06 would revive bullishness for a stronger retracement to 109.29 but aforesaid 109.48 top should hold on first testing
Pay attention to the release of Fed's FOMC minutes after the central bank cut its rates for the third time this year. Investors should look for disagreement amongst the members over the rate cut and what path with the bank take for its rate-setting policy in the future.
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