Daily Recommendations on Major - USDJPY

   DAILY MARKET OUTLOOK on Major
Update Time: 11 Jul 2018 9:30 GMT

USD/JPY - 111.04
The greenback's rally yesterday on dollar's broad-based strength to 111.35 suggests a re-test of May's 3-month peak at 111.40 is forthcoming after minor consolidation, break would extend medium-term rise from March's low at 104.57 towards 111.79/80 later, however, over bought condition would keep price below 112.00/10 and yield a much-needed correction later this week. 

On the downside, only below 110.55 would indicate a temporary top has been made and risk stronger retracement towards 110.28/30.

On the data front, U.S. will release MBA mortgage applications, Jun PPI, wholesale inventories and wholesale sales. Atlanta Fed President Bostic (voter) will speak at 16:30GMT. 

 

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