Daily recommendations on major – USD/JPY
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USD/JPY - 106.11
Despite dollar's retreat from August's high at 106.47 to 105.31 last Thursday, subsequent erratic rise and intra-day break of 106.19 resistance suggests pullback has ended and above 106.47 would extend upmove from July's 4-1/2 month bottom at 104.19 to 106.65/70, however, loss of momentum may cap price below 106.90/00 today.
On the downside, only below 105.49/52 would risk weakness to 105.31/33.
Data to be released on Tuesday:
New Zealand retail sales, Japan current account, trade balance, Economy Watchers outlook, Economy Watchers current, machine tool orders, Australia NAB business condition, NAB business confidence.
UK BRC retail sales, claimant count, ILO unemployment rate, employment change, average weekly earnings, , Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
Canada housing starts, and U.S. PPI, core PPI, redbook.
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