AceTraderFx July 27: Daily Recommendations on Major –USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 27 July 2021 09:30GMT
USD/JPY - 110.10
Despite dollar’s selloff to a 7-week trough at 109.07 last Monday due to risk-averse buying in jpy, subsequent strong rebound to 110.58 on Friday suggests decline from July’s peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.97/00, however, resistance at 111.18 would remain intact and yield retreat.
On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.
The increase was also driven by a 1.3% rise in transportation fees as international freight prices continued to increase, highlighting the cost pressure companies are facing as economies across the globe re-open