Daily recommendations on major – USD/JPY
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Update Time: 22 Dec 2020 09:30GMT
USD/JPY - 103.39
Despite the greenback's rally from last Thursday's 9-month bottom at 102.88 to 103.88 yesterday on dlr's broad-based strength due to risk-averse buying in usd, subsequent sharp retreat to 103.29 at New York close due to a rebound in U.S. stocks suggests aforesaid correction has ended and consolidation with downside bias remains for weakness to 103.00, then 102.88 again.
On the upside, only above 103.88 would revive daily bullishness for stronger retracement of Medium Term decline to 104.14 later this week.
U.S. will later release a slew of eco. data, please refer to our EI page for details. Pay particular attention to final Q3 GDP n core PCE at 13:30GMT.
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