Daily Recommendations on Major - USD/JPY

    DAILY MARKET OUTLOOK on Major 
Update Time: 18 May 2018 09:30 GMT

USD/JPY - 110.95
Intra-day break above yesterday's 110.86 high to a fresh 3-1/2 month peak of 111.00 in Asia due to continued rise in U.S. yields suggests marginal gain would be seen after consolidation, near term loss of upward momentum should cap price below minor res at 111.48 and risk has increased for a correction to take place. 

On the downside, only a daily close below 110.45 (previous res, now sup) signals temporary top is made and risks stronger retracement to 110.04/08 before prospect of rebound. 

Although no U.S. eco. data is due out today, 3 prominent Fed officials will be speaking during the day, starting with Cleveland Fed President Mester (voter) at 07:00GMT in Frankfurt, then Dallas Fed's Kaplan (non-voter) at 13:15GMT and also at the same time but in a different place, Fed Board Gov. Brainard (voter). 

 

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