fxsoriginal Daily market outlook on major

Update Time: 04 May 2021 09:30GMT

USD/JPY - 109.37

The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.69 yesterday on usd's continued strength suggests upmove from last Friday's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

U.S. will later release a slew of eco. data later today, please refer to our EI page for details n pay attention to Mar durable goods n factory orders at 14:00GMT. Dallas n Minneapolis Fed Presidents are scheduled to speak at 17:00GMT, then later San Franciso Fed President Daly.

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