Daily market outlook on major
Update Time: 20 Oct2021 09:30GMT.
USD/JPY - 114.39
Despite the greenback's rise to a fresh 3-year peak at 114.69 in Asia today, subsequent retreat suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.89 (Tuesday), however, near term loss of momentum would keep price above 113.80 and yield a much-needed rebound later this week.
On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.
The only U.S. eco. data due out is MBA mortgage applications, pay attention to release of Fed's Beige book at 18:00GMT.
We also have a number of Fed officials scheduled to speak in New York session, please refer to our EI page for details.
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