Daily recommendations on major – USD/JPY

  Daily market outlook on major

Update Time: 08 Apr 2021 09:30GMT

USD/JPY - 109.51

Although the dollar's intra-day break below yesterday's low at 109.59 signals decline from March's 1-year peak at 110.96 remains in progress and marginal weakness from here is likely to be seen, reckon 109.30/35 would contain downside due to near term loss of momentum and bring a much-needed rebound later, above 109.95/00 would retain bullishness for gain to 110.15.

On the downside, only below 109.10/15 would risk one more fall to 108.90/95 before prospect of a rebound later.

On the data front, U.S. will release weekly jobless claims data with street forecast at 680k versus prior readings of 719k. We also have a few Fed officials due to speak with focus on Federal Reserve Chairman J. Powell scheduled to speak at 16:00 GMT in virtual International Monetary Fund Seminar.