DAILY MARKET OUTLOOK on Major
Update Time: 06 Dec 2017 09:30 GMT
USD/JPY - 112.11
Despite the greenback's resumption of decline from November's 7-1/2 month peak at 114.74 to a fresh 2-month trough at 110.84 last Monday, subsequent rebound to 112.88 Friday and then intra-day break of this resistance suggests a temporary low has been made and consolidation with uspide bias remains for a stronger retracement towards 113.20/30 but near term loss of momentum would keep price below 113.44 this week and yield retreat.
On the downside, only below 111.38 would indicate aforesaid recovery has ended instead and turn outlook bearish for a re-test of said support early next week.
U.S. will release mortgage applications, ADP employment data n non-farm productivity.
Pay attention to ADP private payrolls number ahead of Friday's key U.S. jobs data, street forecast is look for an increase of 185K in Nov vs previous reading of 235K, if actual figure comes in lower than estimate, USD will be sold.
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