DAILY MARKET OUTLOOKUpdate Time: 01 Feb 2016 08:15 GMT
USD/JPY - 121.11
The greenback's over 2% jump to a fresh 1-month peak at 121.42 after Bank of Japan announced negative interest rates on Friday suggests recent erratic upmove remains in progress and consolidation with upside bias would be seen for gain towards 121.70/80, however, over bought condition would prevent steep gain above there and risk would increase for a much-needed correction early next week.
On the downside, only below support at 119.60 would confirm a temporary top has been made and risk stronger retracement towards 119.10/20.
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