Daily recommendations on major – USD/JPY
|
Update Time: 28 July 2020 09:30GMT
USD/JPY - 105.50
Although dollar's intra-day rebound from 105.23 in Asia on broad-based recovery in usd suggests recent decline has made a minor low at yesterday's 4-month bottom at 105.12 and choppy sideways swings would be seen before prospect of another fall, however, loss of momentum should keep price above 104.60/70 and yield rebound.
On the upside, only above 108.08/18 would risk stronger retracement to 106.43/48.
Pay attention to the release of U.S. consumer confidence at 14:00GMT. Street forecast is for a dip to 94.5 from previous reading of 98.1. Market focus now shifts to the Federal Reserve's rate decision on Wednesday as the FOMC members commence their 2-day meeting today.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.