DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2017 09:18 GMT
USDJPY - 111.21
The greenback's recent swings after last Thursday's rebound from 110.24 to 111.73 are likely to continue and intra-day rebound from 110.86 has retained bullishness but above 111.73 is needed to yield stronger retracement of decline from May's peak at 114.37 towards 112.24/30, however, resistance at 112.94 should remain intact this week and yield retreat.
On the downside, only below 110.53 would confirm the recovery from 110.24 has ended instead and turn outlook bearish for weakness to 110.24, break, 110.00 later.
Data to be released on Tuesday:
Swiss trade balance, France business climate, manufacturing PMI, services PMI, Germany GDP, manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK PSNB, PSNCR, CBI trends, U.S. redbook, manufacturing PMI, services PMI and new home sales.
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