Daily Recommendations on Major - USD/JPY
USD/JPY - 109.50
Dollar's intra-day decline in Asian and European morning due to broad-based buying of yen following warnings by U.S. Treasury Secretary against Japan's yen intervention to weaken the yen in the weekend's G7 meeting confirms recent upmove from May's fresh 18-month bottom at 105.55 has made a temporary last Friday at 110.59 and choppy consolidation with downside bias remains for weakness towards 108.72.
However, sup at 108.28 should hold from here.
Expect 110.08 (Friday's New York low, now res) to hold for this move and only a daily close above suggests correction is over but 110.59 should remain intact today.