Daily recommendations on major – USD/JPY
|USD/JPY - 137.73
Dollar's decline from Thursday's fresh 24-year peak at 139.39 to as low as 137.90 in New York yesterday on broad-based USD's weakness due to return on risk sentiment and intra-day break there suggests long-overdue correction has taken place and further weakness to 137.50/55 cannot be ruled out before prospect of a strong rebound later.
On the upside, a daily close above 138.44 needed to revive bullishness for stronger gain to 138.80/90, break, 139.12, 139.39.
Data to be released on Tuesday
U.K. Rightmove house price, claimant count, ILO unemployment rate, average weekly earnings, Swiss exports, imports, trade balance, EU construction output, HICP.
U.S. building permits, housing starts, redbook and New Zealand GDT price.
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