Daily Recommendations on Major - USD/JPY
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Update Time: 16 Jan 2020 09:30GMT
USD/JPY - 109.96
Despite dollar's retreat from Tuesday's 7-1/2 month 110.20 peak to 109.79 in New York yesterday, subsequent rebound to 110.00 (Reuters) suggests correction has possibly ended and re-test of said resistance would be seen after consolidation, break would extend medium term upmove from 2019 trough at 104.46 (Aug) to 110.67 but 111.00/05 should cap upside.
On the downside, only below 109.72 signals temporary top made and risks stronger retracement towards 109.40/44.
On the data front, U.S. will release a slew of data in New York session, please refer to our EI page for details, however, market focus is on retail sales for December. Also, we have Federal Reserve Board Governor Michelle Bowman scheduled to speak at 15:00 GMT.
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