DAILY MARKET OUTLOOK on Major
Update Time: 12 Jul 2019 09:30 GMT
USD/JPY - 108.27
Although the greenback has staged a recovery after yesterday's resumption of Wednesday's decline to 107.86 on Federal Reserve Chair Powell's dovish remarks to the Congress, as 108.61 has capped upside in Asia today, downside bias is retained and below 107.86 would extend decline from 108.99 (Wednesday) to 107.50/54 before prospect of a correction due to near term loss of momentum.
On the upside, only above 108.61 would revive bullishness for a re-test of 108.99, break would yield stronger retracement of medium-term fall to 109.26/30.
Data to be released later:
Germany wholesale price index, EU industrial output, U.S. PPI, core PPI and export prices.
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