Daily recommendations on major – USD/JPY
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Update Time: 11 Aug 2021 09:30GMT.
USD/JPY - 110.76
Despite the greenback's selloff to a 2-month trough at 108.73, last Wednesday, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report and intra-day break above there suggests a temporary low has been made and consolidation with upside bias remains for a stronger retracement to 110.60/65 before prospecting of retreat later.
On the downside, only below 109.41 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, a break would extend to 108.50/60.
On the data front, this week's market focus is today's U.S. inflation data, CPI, and core CPI (see our EI page for details), a higher-than-expected reading will send U.S. yields and the greenback higher.
On Fedspeak, we have Atlanta President Bostic (voter) and Kansas City Fed President George (non-voter) speaking at 16:00GMT n 18:00GMT respectively.
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