Daily Recommendations on Major - USD/JPY
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Update Time: 20 Apr 2018 09:30 GMT
USD/JPY - 107.59
Despite dollar's fall from last Friday's 6-week peak at 107.78 to 106.88 Tuesday, subsequent strong rebound to 107.73 in Asia today confirms the pullback has ended and consolidation with upside bias remains for recent erratic upmove to resume and yield re-test of said resistance, break would extend towards 107.90/00.
However, loss of momentum would keep price below 108.29 and yield correction.
On the downside, only below 106.41 would indicate upmove from March's trough at 104.57 has ended there instead and turn outlook bearish for a stronger retracement to 106.03.
Data to be released on Friday :
Germany producer prices, Canada CPI, CPI BoC core, core CPI, retail sales, retail sales ex-autos, and EU consumer confidence
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