DAILY MARKET OUTLOOK on Major USD/JPYUpdate Time: 24 Apr 2015 07:55 GMT
USD/JPY - 119.33
Dollar's sell off from yesterday's high of 120.09 to 119.43 and then 119.15 signals this week's up move from Monday's 3-week trough at 118.53 has ended there and consolidation with downside bias is seen.
However, below the said support is needed to signal erratic decline from March's near 8-year peak at 122.03 has resumed and yield re-test of 118.33 (reaction low from 122.03) and then towards 117.90/00 later.
On the upside, only above 120.09 would dampen this bearish scenario and yield stronger gain to 120.43 but last week's peak at 120.84 should remain intact.
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