Daily recommendations on major – USD/JPY
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Update Time: 05 May 2021 09:30GMT
USD/JPY - 109.36
The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.69 on Monday on USD's continued strength suggests upmove from last April'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.
Data to be released on Wednesday
Australia AIG construction index, services PMI, building permits, New Zealand unemployment rate, employment change, labour cost.
Swiss CPI, Italy markit services PMI, France markit services PMI, Germany markit services PMI, EU markit services PMI, producer prices.
U.S. MBA mortgage app, ADP employment change, markit services PMI, ISM non-manufacturing PMI.
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