DAILY MARKET OUTLOOKUpdate Time: 10 Dec 2015 08:13 GMT
USD/JPY - 121.70
The greenback's selloff below last week's low at 122.30 to as low as 121.07 yesterday on dollar's broad-based weakness post the release of downbeat U.S. wholesale inventories data signals the decline from November's 12-week peak at 123.77 has resumed and consolidation with downside bias remains for weakness towards 120.80/90.
However, loss of momentum should keep price above 120.57 this week and yield rebound later.
On the upside, only above 122.30 (previous support, now resistance) would indicate aforesaid correction has ended instead and turn outlook bullish for stronger gain to 122.72.
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