DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2020 09:30GMT
USD/JPY - 109.69
Dollar's retreat from yesterday's high at 109.96 to 109.66 (Asia) suggests choppy trading below Jan's 7-1/2 month top at 110.28 would continue with mild downside bias and marginal weakness is likely to be seen, however, support at 109.54 should contain current fall and yield another rise later. Above last Wednesday's high at 110.13 would bring re-test of 110.28, break, 110.50/55 later.
On the downside, only below 109.54 would indicate a temporary top has been made and risk would increase for stronger weakness to 109.26/30.
Data to be released later today:
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
U.S. New York Fed manufacturing index, NAHB housing market index, Canada manufacturing sales, and New Zealand GDT price index.
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