fxsoriginal   DAILY MARKET OUTLOOK on Major

Update Time: 21 May 2020 09:30GMT


USD/JPY - 107.81

Despite dollar's retreat from Tuesday's 1-month high at 108.08 to 107.34 in New York yesterday, subsequent rebound and intra-day firmness after US Trump's China-bashing tweets suggests pullback has ended and upmove from May's 7-week bottom at 105.99 would resume and head to 108.47/52, however, overbought condition should cap price below 108.85 today.

On the downside, only below 107.45/50 would risk retracement to 107.34 but 107.04 should remain intact.

U.S. will release a slew of economic data later today (please refer to our EI page for details), however, market focus is on U.S. weekly claims n continuing claims as the latest gauge on U.S. economy in the wake of Covid-19 pandemic. Also, we have Fed chief J. Powell and other Fed presidents scheduled to speak in New York session.

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