DAILY MARKET OUTLOOKUpdate Time: 11 Jan 2016 08:29 GMT
USD/JPY - 117.60
Despite dollar's intra-day initial selloff to a fresh 4-1/2 month trough at 116.69 ahead of Asian open, subsequent rebound above 117.00 level suggests recent decline has possibly made a temporary low there but a daily close above 117.95 is needed to confirm this view and yield stronger retracement towards 118.84 before prospect of a retreat.
Below 116.69 would confirm recent decline has once again resumed and extend weakness towards daily chart objective at 116.18 (2015 August low) later.
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