USD/JPY was 0.17% at 107.28, up from a session low of 106.97 and off a high of 107.40.The pair was expected to test support at 104.67, last Friday’s low, and resistance at 108.0, the high from Sept. 19, 2008.The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to a 14-month high of 84.6 this month from 82.5 in August. Analysts had expected the index to rise to 83.3 in September.The report came after official data showed that U.S. retail sales rose 0.6% last month, in line with expectations. Retail sales for July were revised to a 0.3% gain from a previously estimated flat reading.Friday’s data fueled already growing expectations that the Federal Reserve will hike interest rates earlier than markets were expecting, with tightening seen taking place now in mid-2015
INTRADAY OUTLOOK
Support: 106.63
Resistance: 107.45
RECOMMENDATION:
1. Buy USD/JPY Above 107.47-TG:107.67/107.97 SL 107.17
2. Sell USD/JPY Below 106.60-TG:106.40/106.10 SL 106.90
INTRADAY OUTLOOK
Immediate Support:1.6231
Immediate Resistance:1.6284
RECOMMENDATION:
1. Buy GBP/USD Above 1.6286-TG:1.6306/1.6336 SL 1.6256
2. Sell GBP/USD Below 1.6230-TG:1.6210/1.6180 SL 1.6260
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