DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2020 09:30GMT
USD/JPY - 103.86
Dollar's intra-day sideways swings following retreat from yesterday's 104.21 high to 103.73 in Australia suggests recovery from Wednesday's 103.66 low has ended and consolidation would be seen before decline from November's 105.67 peak resumes and heads to 103.45/50, however, reckon November's 7-1/2 month trough of 103.18 would hold today.
On the upside, only above 104.21/24 would dampen bearishness and risk stronger retracement to 104.61/66.
On the calendar front, although there will be no economic data from U.S. today, we have a few Fed officials scheduled to speak later in New York session, please refer to our EI page for more details.
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