Daily Recommendations on Major - USDJPY

ANALYSIS | 10/16/2018 10:18:27 GMT

DAILY MARKET OUTLOOK on Major
Update Time: 16 Oct 2018 10:00 GMT

USD/JPY - 112.12
The greenback's intra-day break of last Thursday's 3-week trough at 111.84 signals decline from October's 11-month peak at 114.55 has once again resumed and further weakness towards 111.40/50 would be seen after consolidation, however, over sold condition would keep price above support at 111.12 and yield a much-needed correction later this week.

On the upside, only above 112.54 would indicate a temporary low has been made and risk would increase for a much-needed retracement to 112.83 (previous support, now resistance), then 113.20/30 before down.

On the eco. data front, U.S. will release a slew of data starting with Q3 PCE, Redbook sales, industrial production, capacity utilization, mfg output, JOLTS job openings and NAHB housing market index.
Then later at 20:15GMT, S. Francisco Fed Preisent Daly (voter) will give a lecture at Wellesley College in Massachusetts.

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