fxsoriginal  DAILY MARKET OUTLOOK on Major

Update Time: 30 July 2020 09:30GMT

USD/JPY - 105.05
Despite dollar's resumption of medium term decline from March's 111.71 peak to a fresh 4-month trough at 104.78 in New York yesterday on Fed's dovish hold, subsequent rebound to 105.29 today on usd's broad-based recovery suggests temporary low is possibly made, above 105.37/40 would yield retracement to 105.68/69 b4 prospect of retreat.

On the downside, below 104.78 would extend aforesaid fall to 104.60 but 104.40 should hold.

There is a slew of data to be released from U.S. today but one should pay particular attention to GDP QQ and GDP deflator at 12:30GMT. Street forecasts are -34.1% and 1.1% vs previous readings of -5.0% and 1.6% respectively.

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