Daily Recommendations on Major - USDJPY

Update Time: 08 Nov 2018 09:30 GMT

USD/JPY - 113.70
Despite the greenback's selloff from yesterday's Asian high at 113.82 to 112.95 on dollar's broad-based weakness post US midterm election results, subsequent strong rebound suggests the pullback has ended and consolidation with upside bias remains for upmove from October's trough at 111.38 to resume and yield re-test of said resistance, break would extend towards 114.09/10 later but loss of momentum would keep price below daily resistance at 114.55.

On the downside, only below 112.95 would indicate a temporary top has been made and risk stronger retracement towards 112.73.

Data to be released on Thursday : 
UK RICS housing price balance, China exports, imports, trade balance, Swiss unemployment rate, Germany imports, exports, trade balance, current account, France current account, trade balance, imports, exports, imports, trade balance.
Canada housing starts, and U.S. initial jobless claims, Fed interest rate decision.

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