Daily recommendations on major – USD/JPY
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USD/JPY - 107.60
Despite dollar's retreat from last Wednesday's 108.16 high to 107.25 in Asia today, subsequent rebound suggests correction has possibly ended and consolidation with upside bias remains, above 107.88 would add credence to this view and bring re-test of 108.16, break would extend upmove from Jun's 6-week 106.08 bottom to 108.40/50.
On the downside, below 107.25 would risk stronger retracement to 107.05, then 106.81 before recovery occurs.
In the absence of major economic data from U.S. today, investors should pay attention to comments from San Francisco Fed President Daly and Richmond Fed President Barkin at 18:00GMT, where both will participate in a webinar panel on "Perspectives on the Pandemic".
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