DAILY MARKET OUTLOOK on Major
Update Time: 08 Aug 2018 09:30 GMT
USD/JPY - 110.96
The greenback's intra-day selloff on broad-based buying of yen and subsequent break of last Friday's low at 111.10 suggests early correction from 110.59 has ended at 112.15 last Monday and consolidation with downside bias remains for decline from July's 6-month peak at 113.17 to resume and yield re-test of said support, break would extend towards 110.28/30 later but loss of momentum would keep price above 109.90/00.
On the upside, only above 111.47/53 would indicate a temporary low has been made instead and risk would increase for a stronger retracement towards 111.88/90.
Data to be released on Wednesday :
Japan current account, trade balance, eco watchers current, eco watchers outlook, Australia Westpac consumer sentiment, China exports, imports, trade balance, U.S. MBA mortgage applications, and Canada building permits.
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