Daily recommendations on major – USD/JPY
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USD/JPY - 106.82
Despite dollar's resumption of upmove from June's 6-week low at 106.08 to last Wednesday's 3-week high of 108.16, subsequent selloff to 107.11 in New York yesterday, then intra-day break of this level suggests temporary top has been made and further weakness to 106.39 would be seen, however, reckon 106.08 would hold on first testing.
On the upside, above 107.39/43 would indicate low is made and risk stronger retracement to 107.70/78.
T.G.I.F., apart U.S. eco. data due out later today (see EI page for details), traders will also take cue from intra-day movement in U.S. stocks, further weakness mat pressure price lower whilst intra-day rebound would lift the pair higher.
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