Daily Recommendations on Major - USD/JPY
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Update Time: 15 Jan 2020 09:30GMT
USD/JPY - 109.91
Dollar's rally above Dec's 109.72 high to 109.94 on Monday, then to a 7-1/2 month peak at 110.20 at Asian open yesterday suggests medium upmove from Aug's 33-month trough at 104.46 has resumed and subsequent retreat would bring consolidation before prospect of another rise, above 110.20 would extend to 110.50/60.
On the downside, only below 109.72 signals temporary top is in place and risks weakness to 109.44, break, 109.24.
On the data front, U.S. will release MBA mortgage applications at 12:00 GMT, followed by NY Fed manufacturing index, PPI, core PPI at 13:30 GMT. We also have two Fed officials due to speak later in New York session, please refer to our EI page for more details. Also, the United States and China phase one trade deal signing ceremony will take place at 16:30 GMT at the White House.
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