Daily recommendations on major – USD/JPY
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Update Time: 12 May 2021 09:30GMT
USD/JPY - 108.79
Although the dollar's rebound from yesterday's 108.36 low suggests choppy trading above last Friday's 108.35 troughs would be seen, as long as 109.05 (Monday's high) holds, downside bias remains and below said support would extend decline from May's near 3-week 109.69 peaks to 108.22 (61.8% r from 107.49) but 108.08 should hold, yield another bounce.
On the upside, only above 109.05 risks gain to 109.28, break, 109.42/48 later.
The U.S. will release a slew of eco. data (please refer to our EI page for details), after Friday's blockbuster U.S. jobs report, traders are keeping an eye out for CPI figures, a higher print will send U.S. yields higher and this will turn to lead to USD buying n vice versa.
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