Daily recommendations on major – USD/JPY
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Update Time: 02 Mar 2021 09:30GMT
USD/JPY - 106.86
The greenback's rise above previous February's 5-month peak 106.22 to 106.88 yesterday on usd's renewed strength and intra-day break above there suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 107.20/30 would be seen after consolidation, however, loss of momentum would keep price below 107.40/50 and yield a correction later this week.
On the downside, only below 105.42 would indicate a temporary top has been made and risk stronger retracement to 104.90/93.
Data to be released on Tuesday
New Zealand terms of trade, import prices, export prices, GDT price index, Japan unemployment rate, business capex, Australia building permits, current account, net exports contribution, RBA interest rate decision.
Germany retail sales, unemployment change, unemployment rate, UK nationwide house price index, EU HICP, core HICP.
Canada GDP, and U.S. redbook, ISM New York index.
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