DAILY MARKET OUTLOOK on Major
Update Time: 16 Nov 2018 09:30 GMT
USD/JPY - 113.25
The greenback's selloff yesterday to 113.10 due to a drop in U.S. Treasury yields and equities suggests upmove from October's 1-month trough at 111.38 has made a temporary top at 114.21 on Monday and consolidation with downside bias remains for stronger retracement to 112.95.
However, near term loss of momentum would keep price above 112.56 and yield a rebound later today or tomorrow.
On the upside, only above 114.01 would revive bullishness for 114.21, break would yield a re-test of October's near 11-month peak at 114.55.
Data to be released on Friday :
Germany wholesale price index, Italy industrial orders, industrial sales, trade balance, EU HICP, Italy consumer prices.
Canada manufacturing sales, and U.S. industrial production, capacity utilization, manufacturing output, KC Fed manufacturing.
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