DAILY MARKET OUTLOOK on Major
Update Time: 09 May 2018 09:30 GMT
USD/JPY - 109.74
The greenback's intra-day rally on rising U.S. yields suggests correction from last Wednesday's 11-week peak 110.04 has ended at 108.65 last Friday and choppy trading with upside bias would be seen for recent upmove to resume and yield re-test of said resistance, break would extend recent erratic uptrend towards 110.40 but loss of momentum would keep price below 110.80/90 and yield retreat later this week.
On the downside, only below 108.65 would indicate a temporary top has been made and risk stronger retracement towards 107.86/90 before prospect of rebound.
Data to be later:
France industrial output, Italy retail sales.
U.S. MBA mortgage application, PPI, core PPI, wholesales inventories, wholesale sales, and Canada building permits.
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