Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 10 Jun 2021 09:30GMT

USD/JPY - 109.49

Despite the greenback's brief rise to a fresh 2-month peak at 110.33 on Friday, subsequent selloff to 109.20 Monday on downbeat U.S. NFP data suggests recent erratic move has made a temporary top there and consolidation with downside bias remains for a stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and brought re-test of said resistance.

On the data front, the market's main focus this week is the release of U.S. inflation data, namely CPI n core CPI later today (please see our EI page for details).

Although the street forecast for May annual CPI to be 4.7% vs previous reading of 4.2%, if the actual figure comes in lower than estimate, then expect renewed USD's selling.

On the flip side, if it's higher, U.S. yields will jump and would push the pair higher to 110.00/10.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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