DAILY MARKET OUTLOOKUpdate Time: 23 Mar 2016 09:08 GMT
USD/JPY - 112.57
Despite the greenback's selloff to as low as 110.67 last Thursday, subsequent strong rebound suggests MT decline has possibly made a temporary low there and consolidation with upside bias would be seen for gain towards 112.96, then 113.46/50.
However, near term loss of momentum would prevent strong move beyond there and risk would increase for a much-needed retreat later.
On the downside, only below 111.38 would indicate aforesaid correction has ended instead and turn outlook bearish for weakness towards 111.22, then 110.99.
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