Daily recommendations on major – USD/JPY
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Update Time: 29 Oct 2020 09:30GMT
USD/JPY - 104.30
Although dollar's rebound after yesterday's fall to a 5-week low at 104.12 suggests recent decline has made a temporary bottom, intra-day retreat from 104.50 (Asia) signals recovery has ended and re-test of September's 104.01 trough would be seen after consolidation, break would extend fall from 111.71 (March) to 103.80 but 103.66 should hold today.
On the upside, only above 104.88/93 would risk stronger retracement to 105.00/05, then, 105.20/30.
On the data front, U.S. will release third quarter GDP at 12:30 GMT, with street forecast at 31.0% versus prior reading of -31.4%. At the same time, weekly jobless claims and continued jobless claims will be released, with Reuters poll at 775k and 7.700M respectively versus previous readings of 787k and 8.373M. As U.S. Presidential election closes in, traders should pay attention to related headlines.
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