Daily Recommendations on Major - USD/JPY

Update Time: 14 Jun 2018 9:30 GMT

USD/JPY - 109.98
Despite the greenback's brief spike up to 110.85 in New York afternoon yesterday on Fed's rate hike, subsequent selloff to 110.09 in Australia today and subsequent break of this support suggests erratic upmove from May's trough at 108.12 has made a temporary top there and choppy trading with downside bias would be seen for stronger retracement towards 108.60, however, said low should hold on first testing. 

On the upside, only above 110.35 would indicate aforesaid pullback has ended and turn outlook bullish for a re-test of said resistance, break would extend to 111.07/10 before down.

U.S. will release a slew of eco. data later today starting with weekly jobless claims, import and export prices, May retail sales n business inventories. 


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