Daily recommendations on major – USD/JPY
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Update Time: 19 Jan 2021 09:30GMT
USD/JPY - 103.77
Despite the greenback's rebound from last Thursday's low at 103.57 to 103.93 today, subsequent retreat suggests further choppy trading below January's 6-week peak at 104.39 would continue with downside bias and below last Wednesday's reaction low at 103.53 would yield stronger retracement of recent upmove to 103.40/44, however, support at 102.95 should remain intact and yield recovery.
On the upside, only above 104.19 would dampen daily bearishness and risk re-test of 104.39, break would extend upmove to 104.57/60.
No U.S. ecoi. data is due out today as most U.S. financial markets are closed for Martin Luther King Jr. Day holiday.
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