Daily Recommendations on Major – USD/JPY
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USD/JPY - 107.47
Despite dollar's selloff from last Wednesday's peak at 108.16 to 107.25 yesterday, subsequent rebound to 107.78 suggests pullback has possibly ended and intra-day retreat from 107.70 would bring choppy sideways swings before prospect of another rise, above 107.88 would bring re-test of 108.16 but break needed to head to 108.40.
On the downside, below 107.25 would risk stronger retracement to 107.05, then 106.81.
As there is no major economic data due from U.S. today, pay attention to comments from Atlanta Fed President Raphael Bostic's comments at 16:15GMT.
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