DAILY MARKET OUTLOOK on Major
Update time: 08 May 2020 09: 30GMT
USD / JPY – 106.32
Despite the dollar dropping to a 7-week low of 105.99 on Wednesday, the subsequent rebound to 106.65 in New York yesterday signals a decline from the March high of 111.71 which made a temporary low there and while the price has rebounded from 106.23 to 106.45 in Asia today, upward consolidation the bias remains for further progress at 107.06 / 07 but 107.49 should remain intact.
On the downside, only below 106.20 can lead to weakness at 105.99, breakout, 105.64 / 69.
T.G.I.F. but the United States will release a key employment report and the market will focus on the unemployment rate following the Covid-19 pandemic which hit the US economy hardest. According to the forecasts of the street, the American unemployment would be between 16% and 19% compared to the prev. 4% reading of the month, if higher, then we could see safe haven USD and yen purchases.