Daily Recommendations on Major - USDJPY

Update Time: 09 Nov 2018 09:30 GMT

USD/JPY - 113.81
The greenback's rise above Wednesday's high at 113.82 to 114.09 today on overnight Federal Reserve's hawkish hold suggests upmove from October's low at 111.38 to retrace decline from October's near 11-month peak at 114.55 has resumed and further gain towards 114.30/40 would be seen.
However, aforesaid resistance should hold on first testing and yield retreat early next week.

On the downside, only below 113.39 would indicate a temporary top has been made and turn outlook bearish for a stronger retracement towards 112.95.

Data to be released on Friday : 
UK GDP, industrial output, manufacturing output, construction output, trad balance, NIESR GDP estimate, and U.S. PPI, University of Michigan sentiment, wholesale inventories, wholesale sales.

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