DAILY MARKET OUTLOOK on Major
Update Time: 17 May 2018 09:30 GMT
USD/JPY - 110.58
The greenback's rise above May's near 11-week peak at 110.04 to 110.45 yesterday, then 110.63 today on a rally in U.S. yields suggests erratic upmove from March's trough at 104.57 has finally resumed and consolidation with upside bias would be seen for stronger gain towards 110.80/84.
However, loss of momentum would keep price below 111.00 and yield a much-needed correction later.
On the downside, only below 109.55 would indicate a temporary top has been made and risk stronger retracement of aforesaid rise to 109.42 but support at 109.15 should remain intact and yield rebound later this week.
Data to out on Thursday :
New Zealand PPI input, PPI output, Japan machinery orders, Australia employment change, unemployment rate.
France ILO unemployment rate, Italy trade balance EUR, trade balance non-EU, EU construction output, trade balance EUR.
U.S. initial jobless claims, Philadelphia Fed survey, and Canada ADP employment change.
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