Daily recommendations on major – USD/JPY
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Update Time: 21 Sept 2021 09:30GMT.
USD/JPY - 109.64
Although dollar's intra-day rebound after yesterday's selloff from 110.03 to 109.33 in tandem with U.S. yields and active safe-haven buying in jpy suggests choppy trading above last week's bottom at 109.12 would continue, as long as 109.82 holds, daily bearishness remains and below 109.12 would extend recent decline towards support at 108.73.
On the upside, only above Friday's high at 110.07 would risk stronger retracement to 110.25/30 but resistance at 110.44 should remain intact.
The Fed starts its 2-day FOMC meeting today and on the data front, we have current account, building permits n housing starts. Traders will continue to take cue from global stock performance n movement in U.S. yields.
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