Daily recommendations on major - USD/JPY
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USD/JPY - 108.88
Although dollar's strong rebound from last Wednedsday's 106.93 low to 109.37 on Monday suggests recent decline from March's 1-month 111.71 peak has made a temporary bottom, intra-day retreat to 108.68 in Asia on usd's broad-based weakness would bring choppy sideways swings before prospect of another rise, however, reckon 109.67/70 should hold.
On the downside, only below 108.18/20 would risk stronger retracement towards 107.56.
Data to be released on Tuesday: Germany industrial output, France current account, trade balance, imports, exports, Italy retail sales. U.S. redbook, JOLTS job openings, and Canada Ivey PMI.
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