Daily Recommendations on Major -USD/JPY
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Update Time: 30 Mar 2017 09:07 GMT
USD/JPY - 111.10
Despite the greenback's selloff to a fresh 4-month trough 110.11 on Monday after U.S. President Trump's failure to push through his healthcare bill in Congress, subsequent strong rebound to 111.43 today suggests medium-term decline has made a temporary low there and choppy trading with upside bias would be seen for retracement towards 111.58.
However, near term loss of momentum would keep price below 111.95.
On the downside, only below 110.63 would indicate aforesaid correction has ended instead and turn outlook bearish for a re-test of 110.11, break would extend towards 109.50/60.
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