DAILY MARKET OUTLOOK on Major
Update Time: 11 Jan 2019 09:30 GMT
USD/JPY - 108.29
Despite the greenback's rise to 109.09 on Tuesday, subsequent retreat to 107.77 yesterday suggests the first leg of correction from January's 9-1/2 month trough at 104.79 has ended there and consolidation with downside bias remains for weakness towards 107.52, however, loss of momentum would keep price above 107.12 and yield rebound early next week.
On the upside, only above 108.68 would indicate said pullback has ended instead and risk re-test of 109.09, break would extend towards 109.50/60.
T.G.I.F., U.S. will later release a slew of eco. data starting with Dec core CPI, real weekly earnings, trade budget and Federal budget. Pay attention to core CPI and weekly earnings as these are the Fed's inflation barometer, so if actual readings come in higher than forecast, usd will rise.
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