DAILY MARKET OUTLOOK Update Time: 31 Jul 2015 08:10 GMT
USD/JPY - 124.22
Although dollar has retreated after yesterday's rise above previous July's peak at 124.48 to a fresh 7-week high of 124.58, intra-day rebound after a brief fall to 123.91 in Asia suggests said pullback has ended and upside bias remains for upmove from July's bottom at 120.42 to resume and yield further gain to further headway to 125.00/07 later.
On the downside, only below 123.80 (previous resistance, now support) would indicate a temporary top is made and shift risk to downside for a retracement to 123.55 and then 123.33 before recovery occurs.
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