Daily Recommendations on Major - USD/JPY

Update Time: 14 Mar 2019 09:30 GMT

USD/JPY - 111.70
Despite yesterday's fall from 111.47 to 111.01 in New York, intra-day cross-inspired rally above previous resistant at 111.48 suggests pullback from Mar's 10-week high of 112.14 has possibly ended at 110.79 last Friday, above 111.86/92 would confirm and bring re-test of 112.14, where break would extend upmove from 104.79 (January) towards 112.69. 

On the downside, only below 111.01 would prolong choppy trading and risk weakness towards 110.79/88.

There is a slew of US data to be released today including import and export prices but traders should keep an eye on jobless claims at 12:30GMT. Street forecast is for a slight increase to 225k from previous reading of 223k. 

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