Daily recommendations on major – USD/JPY
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USD/JPY - 104.43: Dollar's intra-day break below yesterday's low at 104.19 to a 4-1/2 month trough at 104.19 on usd's continued weakness suggests erratic decline from March's 111.71 peak remains in progress and further weakness to 103.75/80 would be seen after consolidation, however, oversold condition should keep price above 103.40/50 and yield a much-needed correction later.
On the upside, above 104.78 would indicate a temporary bottom has been made and risk stronger retracement to 105.2937 but resistance at 105.68/69 should hold.
There is a slew of U.S. data to be released today but one should pay close attention to personal income and personal spending at 12:30GMT. Street forecasts are -0.5% and 5.5% vs previous readings of -4.2% and 8.2% respectively.
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