AceTraderFx July 28 : Daily Recommendations on Major – USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time : 28 July 2020 09:30GMT
USD/JPY - 105.50
Although dollar’s intra-day rebound from 105.23 in Asia on broad-based recovery in usd suggests recent decline has made a minor low at yesterday’s 4-month bottom at 105.12 and choppy sideways swings would be seen before prospect of another fall, however, loss of momentum should keep price above 104.60/70 and yield rebound.
On the upside, only above 108.08/18 would risk stronger retracement to 106.43/48.
Pay attention to the release of U.S. consumer confidence at 14:00GMT. Street forecast is for a dip to 94.5 from previous reading of 98.1. Market focus now shifts to the Federal Reserve’s rate decision on Wednesday as the FOMC members commence their 2-day meeting today.