Daily recommendations on major – USD/JPY
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Update Time: 04 Aug 2021 09:30GMT.
USD/JPY - 109.19
The greenback's selloff yesterday to 109.19 on broad-based risk-averse buying in jpy and intra-day break below there suggests a re-test of July's bottom at 109.07 would be seen after consolidation, a break would extend decline from July's peak at 111.65 towards 108.70/80 after consolidation, however, loss of momentum would keep price above support at 108.57 and yield a much-needed rebound later.
On the upside, only above 109.82 would indicate a temporary bottom has been made and risk stronger retracement to 110.10/15 but 110.28 should remain intact.
Data to be released on Wednesday
Australia AIG construction index, services PMI, retail sales, New Zealand labor cost index, employment change, unemployment rate, Japan services PMI, China caixin services PMI.
France budget balance, Markit services PMI, Italy Markit services PMI, retail sales, Germany Markit services PMI, EU Markit services PMI, retail sales, U.K. Markit services PMI.U.S. MBA mortgage application, ADP employment change, Markit services PMI, ISM non-manufacturing PMI, and Canada building permits.
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