Daily recommendations on major – USD/JPY
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Update Time: 25 Oct2021 09:30GMT.
USD/JPY - 113.61
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.47 today suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.20/22, however, near term loss of momentum would keep price above 113.00/05 and yield a much-needed rebound later this week.
On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.
Data to be released today
New Zealand Market Holiday, Japan coincident index, leading indicator.
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. national activity index and Dallas Fed manufacturing business index on Monday.
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