A ceTraderFx Apr 15: Daily Recommendations on Major –USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time : 15 Apr 2021 09:30GMT
USD/JPY - 108.74
Although the greenback’s intra-day break below yesterday’s near 3-week bottom at 108.76 signals decline from March’s 1-year peak at 110.96 has once again resumed and consolidation with downside bias remains for weakness to 108.67, reckon near term loss of momentum would keep price above 108.41 today and yield a much-needed correction later this week.
On the upside, only above 109.75/77 would indicate a temporary low has been made and risk a stronger retracement of aforesaid downtrend to res 109.95
The U.S. will release a slew of eco. data later today (please refer to EI page for details) n pay attention to March retail sales, a stronger-than-expected number (forecast is 5.9% vs prev. reading of -3.0%) will lifted U.S. yields n in turn, the greenback. We have have a number of Fed officials scheduled to speak in New York session.