Daily Recommendations on Major - USD/JPY
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Update Time: 06 Apr 2020 09:30GMT
USD/JPY - 109.09
The greenback's rally above last Thursday's high at 108.09 to 108.67 Friday, then higher to 109.37 today signals early decline from March's 1-month 111.71 peak has made a temporary bottom at Wednesday's trough at 106.93 and further gain to 109.71 is seen after consolidation, where break would extend to 110.04/09 before prospect of correction.
On the downside, only below 108.72 suggests temporary top made and risks weakness to 107.56, then 106.93.
On the data front, no eco. data is due out from the U.S. after last Fri's very downbeat jobs data with non-farm payroll showed -701k job losses in Mar n unemployment at 4.4% but market is bracing for a possible double digit number in Apr after taking into account of recent horrendous blowout numbers in weekly jobless claims.
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