DAILY MARKET OUTLOOKUpdate Time: 17 Dec 2015 08:51 GMT
USD/JPY - 122.41
Despite a brief retreat to 121.38 after the Federal Reserve hiked its interest rate by 25 basis points, subsequent rally to 122.64 today suggests recent upmove from Monday's low at 120.35 has resumed and consolidation with upside bias would be seen for gain towards 122.70/80, then to 123.09/10.
However, near term loss of momentum would keep price below 123.48 and yield correction later today or tomorrow.
On the downside, only below indicated support at 121.38 would confirm a temporary top has been made and turn outlook bearish for a stronger retracement to 121.18.
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