Daily recommendations on major - USD/JPY
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Update Time: 07 Apr 2021 09:30GMT
USD/JPY - 109.93
Although dollar's retreat in tandem with US Treasury yields from last Wednesday's 1-year peak at 110.96 to 109.59 today suggests upmove from January's 9-1/2 month 102.60 bottom has made a temporary top, reckon near term loss of momentum would keep price above support at 109.38 and yield a much-needed rebound later this week.
On the upside, only above Tuesday's high at 110.55 would indicate aforesaid pullback has ended instead and turn outlook bullish for a re-test of aforesaid peak.
On the calendar front, we have some Fed officials due to speak later in New York session, please refer to our EI page for more details. Also, FOMC meeting minutes will be released at 18:00 GMT.
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