Daily recommendations on major – USD/JPY
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Update Time: 10 Feb 2021 09:30GMT
USD/JPY - 104.57
Despite the greenback's rally to a 16-week peak at 105.76 last Friday, subsequent selloff to 104.51 yesterday due to return or risk sentiment on rally in global equities suggests upmove from January's 9-1/2 month bottom at 102.60 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 104.10, however, oversold condition would keep price above 103.80/90 and yield a rebound later.
On the upside, only above 105.16 would indicate aforesaid correction has ended and risk gain to 105.34, then 105.45/50 later this week.
U.S. will release a slew of eco. data later today, please refer to our EI page for details. Also pay attention to Fed President J. Powell speech at 17:00GMT at Economic Club of New York where he will speak on "State of the U.S. labor Market" and may shed more light on future Fed's monetary policy.
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