DAILY MARKET OUTLOOKUpdate Time: 15 Dec 2015 08:18 GMT
USD/JPY - 120.67
The greenback's selloff below last Wednesday's low at 121.07 to as low as 120.58 on Friday on dollar's broad-based weakness, due partly to the selloff in global equities signals the decline from November's 12-week peak at 123.77 has resumed and consolidation with downside bias remains for weakness towards 120.20/30.
However, loss of momentum should keep price above 120.02 this week and yield rebound later.
On the upside, only above 121.87 would indicate aforesaid correction has ended instead and turn outlook bullish for stronger gain to 122.30 (previous support, now resistance).
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