Daily market outlook on major
Update Time: 28 Sept 2021 09:30GMT.
USD/JPY - 111.30
Dollar's intra-day cross-inspired break of previous Sep's 110.44 high suggests re-test of Aug's 110.79 top would be seen after consolidation, above there would encourage for further headway towards 111.11 early next week before retreat due to overbought condition.
Only below 110.07 (prev. res, now sup) signals temporary top is made, then risk would shift to downside for stronger retracement to 109.70.
U.S. will later release consumer confidence n Richmond Fed mfg index. Pay attention to testimony of Fed chief J.Powell when he starts his 2-day appearance before the Senate.
As reported earlier, in remarks to be delivered Tuesday, cautioned Washington legislators that the causes of the recent rise in inflation may last longer than anticipated. We also have other Fed officials scheduled to speak in New York session (please refer to EI page for details).
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