Daily Recommendations on Major -USD/JPY


yen  DAILY MARKET OUTLOOK
Update Time: 06 Jul 2015 08:18 GMT

USD/JPY - 122.56
Although dollar's intra-day after an initial sell off to a fresh 1-month trough at 121.70 in New Zealand on risk aversion buying in yen suggests erratic decline from June's near 13-year peak at 125.86 has made a temporary low there, only a daily close above 123.19 (Friday's high) would retain bullishness for stronger retracement towards 123.75 before retreat occurs.

On the downside, below 121.70 would extend aforesaid fall to 121.49 and then 120.64 before correction due to loss of momentum.

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