Daily Recommendations on Major -USD/JPY
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Update Time: 17 Mar 2020 09:30GMT
USD/JPY - 106.75
Despite dollar's fall from Friday's 9-day high at 108.50 to 105.15 in New York, subsequent strong rebound to 117.18 in Asia today suggests 1st leg of correction has ended and as price has recovered after retreating to 106.18, upside bias is retained for gain to 107.90/00 after consolidation.
On the downside, only below 105.59/60 would risk weakness to 105.15/20.
There is a slew of data to be released from U.S. today and one should pay attention to industrial production and manufacturing output at 13:15GMT. Street forecasts are 0.4% and 0.3% vs previous readings of -0.3% and -0.1% respectively.
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