DAILY MARKET OUTLOOK on Major
Update Time: 14 Mar 2018 09:30 GMT
USD/JPY - 106.59
Despite the greenback's rally to 107.29 yesterday, subsequent selloff on news of President Trump firing Secretary of State Rex Tillerson suggests correction from March's 15-month trough at 105.25 has possibly ended there and choppy trading with downside bias would be seen for weakness towards 106.25, below would add credence to this view and extend towards 105.80/82 later this week.
On the upside, only above 107.29 would revive bullishness for stronger retracement of medium-term decline towards 107.68 but near term loss of momentum would keep price below 108.90 and yield retreat.
After yesterday's key U.S. CPI data which briefly pushed the pair to session high but was quickly bashed lower on news of firing of Tillerson by Trump, U.S. will release February retail sales and February final PPI data, if the former beats market consensus by a wide margin, dlr may bounce on short covering.
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