Daily recommendations on major - USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 13 May 2020 09:30GMT
USD/JPY - 107.04
Despite dollar's resumption of upmove from last Wednesday's 7-week low at 105.99 to 107.76 on Monday, subsequent weakness suggests temporary top has been made and mild downside bias would be seen, however, reckon 106.88 (50% retracement) should hold and yield another rise to 108.03/08 before prospect of retreat.
On the downside, only below 106.88 would risk 106.65/67 but 106.37 should remain intact.
Data to be released on Wednesday :
UK BRC retail sales, GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, EU industrial production.
U.S. MBA mortgage applications, PPI, core PPI.
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