Daily recommendations on major – USD/JPY
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Update Time: 03 May 2021 09:30GMT
USD/JPY - 109.67
The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.67 today on USD's continued strength suggests upmove from last Friday's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.
On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.
The U.S. will later release a slew of eco. data, please refer to our EI page for details n pay attention to Markit mfp index n ISM mfg PMI. We also have New York Fed Williams n last but not least, Fed chief's J. Powell speaking at 18:10GMT n 18:20GMT respectively.
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