DAILY MARKET OUTLOOK Update Time: 28 Jul 2015 08:00 GMT
USD/JPY - 123.65
Dollar's intra-day strong rebound after holding above Monday's fresh 1-week low at 123.01 suggests correction from last Tuesday's high of 124.48 has possibly ended there consolidation with upside bias would be seen.
However, break of resistance at 124.19 is needed to confirm this view and bring resumption of upmove from July's bottom at 120.42 to re-test said high, then towards 125.00/07.
On the downside, below 123.01/08 would yield stronger retracement to 122.92 and then 122.45 but support at 122.05 should remain intact.
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