Daily recommendations on major – USD/JPY
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Update Time: 18 Sept 2020 09:30GMT
USD/JPY - 104.60
Although dollar's rebound from yesterday's fresh 6-week low at 104.53 to 104.86 in Asia today suggests recent decline from August's high at 107.04 has made a temporary low, intra-day retreat signals recovery has ended and weakness to 104.30/35 would be seen after consolidation, however, reckon July's 104.19 trough should remain intact.
On the upside, only a firm break above 104.86/90 would risk stronger retracement to 105.17.
Pay attention to the release of U.S. Michigan consumer sentiment at 14:00GMT. Street forecast is for a slight uptick to 75.0 from previous reading of 74.1.
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