DAILY MARKET OUTLOOK Update Time: 25 Feb 2015 00:54 GMT
USD/JPY - 118.80
Despite yesterday's cross-inspired rebound above last week's 119.41 high to 119.84 in New York morning, subsequent sell off to 118.76 following Fed chief Yellen's mildly dovish testimony suggests early erratic rise from last week's low at 118.20 has ended there and consolidation with downside bias is in store today.
However, only below 118.20 would retain bearishness for recent fall from February's 120.48 to extend to 117.90/00, loss of downward momentum should keep price above 117.62 (being 61.8% r of 115.85-120.48).
On the upside, expect 119.41 to cap intra-day recovery and only above 119.84/88 res would risk marginal gain to 120.00/04 before prospect of another decline.
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