Daily Recommendations on Major - USD/JPY

Update Time: 14 Jan 2019 09:30 GMT

USD/JPY - 108.09
Despite the greenback's rise to 109.09 last Tuesday, subsequent retreat to 107.77 Wednesday 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.

Data to be released later today:
EU industrial production, and U.S. building permits, wholesales inventories, wholesale sales, durable goods, durables ex-defence, durables ex-transport, factory orders, new home sales, construction spending on Monday.

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