Daily Recommendations on Major - USD/JPY

  DAILY MARKET OUTLOOK on Major 
Update Time: 15 Nov 2017 09:20 GMT

USD/JPY - 112.82
The greenback's intra-day sharp retreat n subsequent break of last Thursday's low at 113.09 signals erratic decline from November's fresh 7-1/2 month peak at 114.74 has resumed and choppy trading with downside bias would be seen for weakness towards 112.48/50 but near term loss of momentum would prevent sharp fall beyond there and reckon support at 112.30 would remain intact and yield rebound. 

On the upside, only above 113.50 would indicate a temporary low has been made and risk stronger retracement towards 113.91 before prospect of pullback.

Data to be released on Wednesday: 
France CPI, U.K. claimant count, ILO unemployment rate, average weekly earnings, EU trade balance.
U.S. MBA mortgage application, CPI, core CPI, real weekly earnings, New York Fed manufacturing, retail sales, retail sales ex-autos, business inventories. 

 

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