Daily recommendations on major - USD/JPY
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Update Time: 26 Mar 2020 09:30GMT
USD/JPY - 110.32
Despite the greenback's rise to a 3-week peak at 111.71 Tuesday, subsequent sharp retreat to 110.76 and intra-day fall below this level suggests upmove from March's 3-1/2 year trough at 101.19 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 110.09, then 109.67, however, over sold condition would keep price above 109.32 and yield rebound.
On the upside, only above 111.07 would indicate aforesaid correction has ended and risk re-test of 111.71 early next week, break, 112.22.
Data to be released on Thursday :
German GfK consumer sentiment, UK retail sales, retail sales ex-fuel, France business climate, Italy trade balance.
U.S. GDP, core PCE prices, PCE prices, trade balance, whoesales inventories, wholesale sales, initial jobless claims, KC Fed manufacturing index.
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