DAILY MARKET OUTLOOKUpdate Time: 16 Dec 2015 08:12 GMT
USD/JPY - 121.94
Despite the greenback's selloff to 120.35 on Monday, subsequent rebound on increasing speculation that the Federal Reserve will hike its rate later today suggests the corrective fall from November's 12-week peak at 123.77 has ended there and consolidation with upside bias would be seen for gain towards 122.26/30.
However, near term loss of momentum should keep price below 122.46/50, yield retreat.
On the downside, only below 121.07 would indicate aforesaid recovery has ended and turn outlook bearish for weakness to 120.58.
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