Daily recommendations on major – USD/JPY
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Update Time: 28 Oct 2021 09:30GMT.
USD/JPY - 113.66
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 yesterday 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.
U.S. will release a slew of eco. data, please refer to our EI page for details n pay attention to GDP n PCE price plus weekly jobless claims at 12:30GMT.
Also keep an eye on U.S. yields as the pair fell after benchmark 10-year hit a 1-week low of 1.520% (cirac 1.5571%), further lower yields would pressure price lower.
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