Daily Recommendations on Major - USD/JPY

    DAILY MARKET OUTLOOK on Major 
Update Time: 13 Jul 2018 9:30 GMT

USD/JPY - 112.76
The greenback's rally yesterday on dollar's broad-based strength to 112.62, then intra-day break of this resistance to a 6-month peak at 112.79 suggests medium-term rise from March's low at 104.57 remains in progress and further gain towards 113.00/10 later.
However, over bought condition would keep price below 113.28/30 and yield a much-needed correction early next week. 

On the downside, only below 111.40 would indicate a temporary top has been made and risk would increase for a stronger retracement towards 111.01/10 but support at 110.77 should remain intact, yield rebound.

U.S. will release some 2nd-tier eco. data starting with import and export prices and then July University of Michigan consumer confidence. Atlanta Fed President Bostic (voter) will be speaking at 16:30GMT later in the day. 

 

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