fxsoriginal  Daily market outlook on major

Update Time: 22 July 2021 09:30GMT.

USD/JPY - 110.28

Despite dollar's selloff to a 7-week trough at 109.07 on Monday due to risk-averse buying in jpy, subsequent strong rebound to 109.95 yesterday and intra-day break above there suggests decline from July's peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.34, however, resistance at 110.69 would remain intact and yield retreat.

On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.

U.S. will release a slew of eco. data, pls refer to our EI page for details n pay attention to release of weekly jobless claims, continued jobless claims.

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