Daily recommendations on major – USD/JPY
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Update Time: 20 Apr 2021 09:30GMT
USD/JPY - 108.49
The greenback's intra-day break below yesterday's 6-week trough at 108.02 signals decline from March's 1-year peak at 110.96 has once again resumed and downside bias remains for weakness to 107.77, however, the oversold condition would prevent sharp fall below there and reckon support at 107.40/50 would remain intact and yield a much-needed correction later this week.
On the upside, only above 108.62 would indicate a temporary bottom has been made and risk stronger retracement to 108.96/00.
U.S. economic calendar is pretty light with 2nd-tier Redbook sales being the only data due out later today, so traders will take a cue from intra-day move in benchmark U.S. 10-year yield and U.S. S&P 500 stock futures index.
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