Daily recommendations on major – USD/JPY
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Update Time: 05 Oct 2021 09:30GMT.
USD/JPY - 111.19
Despite the greenback's fall from last Thursday's fresh 19-month peak at 112.07 to 110.88 in New Zealand today, subsequent strong rebound in tandem with U.S. yields and cross-selling in JPY suggests the first leg of correction has possibly ended and consolidation with upside bias is seen for gain towards 111.48, reckon 111.70/80 would remain intact and yield retreat later this week.
On the downside, only below 110.88 would revive bearishness for stronger retracement of Medium Term uptrend towards 110.79, then 110.54 before prospect of a rebound.
Data to be released today
China Market Holiday.
Swiss CPI, retail sales, EU Sentix index.
Canada building permits, U.S. durables ex-defense, durable goods, factory orders and durables ex-transport on Monday.
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