yen  DAILY MARKET OUTLOOK
Update Time: 29 May 2015   08:17 GMT

USD/JPY - 123.75
Despite dollar's rally to a fresh 12-1/2-year peak at 124.49 on Thursday, subsequent retreat to 123.62 in New York and then 1-pip fall to 123.61 in Asia today suggests choppy trading with mild downside bias would be seen. However, only a daily close below 123.33 (previous resistance, now support) would indicate a temporary top has been made and yield retracement to 122.78 next week.

On the upside, above 124.46 would extend long term uptrend from 2011 record low at 75.32 to 124.66 but loss of momentum should cap price below 125.00 level today.



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