DAILY MARKET OUTLOOKUpdate Time: 22 Jan 2016 08:48 GMT
USD/JPY - 118.15
Although price has risen again in Asia on the back of strong gains in crude oil price as well as broad-based relief rally in Asian stocks, suggesting near term erratic upmove from Wed's 1-year bottom at 115.97 would head to 118.28/38 after consolidation, only a daily close above this previous res area would retain bullish prospect of stronger correction twd 118.85.
On the downside, below 117.54 (Asian low) would be the 1st signal top is in place and yield stronger retracement of aforesaid rise to 117.00/10 later.
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