Daily recommendations on major – USD/JPY
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Update Time: 06 July 2020 09:30GMT
USD/JPY - 107.58
Dollar's bounce from last Thursday's 107.34 low to 107.77 in Asia today suggests correction from last Wednesday's 108.16 high has ended there and subsequent retreat would bring choppy sideways swings before prospect of another gain, above 107.88 wold re-test of 108.16, break would extend upmove from June's 6-week trough at 106.08 to 108.40.
On the downside, below 107.34 signals recovery is over and risks stronger retracement to 107.05 but 106.81 should remain intact.
Economic data to be released later:
Germany industrial orders, UK Markit construction PMI, EU Sentix index, retail sales.
U.S. Markit services PMI, ISM non-manufacturing PMI on Monday.
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