Daily recommendations on major – USD/JPY
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USD/JPY - 105.77
Despite dollar's retreat from Monday's 106.47 high to 105.52 in Asia today, subsequent rebound suggests pullback has possibly ended, above 106.19 needed to confirm and yield re-test of 106.47, break would extend near term upmove from last Friday's 4-1/2 month low at 104.19 to 106.70/80.
On the downside, only below 105.29/33 would risk weakness to 104.95/00.
Data to be released on Wednesday:
Australia AIG construction index, New Zealand unemployment rate, labour cost index, employment change, Japan Jibun Bank services PMI, China Caixin services PMI.
Italy Markit services PMI, France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, retail sales, UK Markit services PMI.
U.S. MBA mortgage applications, ADP national employment, trade balance, Markit services PMI, ISM non-manufacturing PMI, and Canada trade balance, exports, imports.
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