AceTraderFx Jun 08 : Daily Recommendations on Major –USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time : 08 Jun 2021 09:30GMT
USD/JPY - 109.50
Despite the greenback’s brief rise to a fresh 2-month peak at 110.33 in Asia on Friday, subsequent selloff in New York on downbeat U.S. NFP data suggests recent erratic upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.
On the upside, only above 110.15 would indicate aforesaid pullback has ended and bring re-test of said resistance.
On the data front, U.S. will release international trade balance, goods trade balance, redbook sales and JOLTS job openings, these data are not expected to have any impact on intra-day price swings, so traders will take cue from movement in U.S. yields in NY session.