Daily recommendations on major – USD/JPY
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Update Time: 22 May 2020 09:30GMT
USD/JPY - 107.48
Despite dollar's 3-legged rise from May's 7-week low at 105.99 to a 1-month high of 108.08 on Tuesday, subsequent fall to 107.34 on Wednesday, then 107.33 today suggests temporary top is made and mild downside bias would be seen, however, reckon 107.03/04 should hold, yield rebound.
On the upside, above 107.84 would indicate pullback has ended instead and risk re-test of 108.08.
Data to be released on Friday:
UK PSNB, PSNCR, retail sales, retail sales ex-fuel, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI and Canada retail sales
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