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DAILY MARKET OUTLOOK
Update Time: 13 Apr 2016 08:04GMT
USD/JPY - 108.90
Although dollar's rebound from Monday's fresh 17-month trough at 107.63 and then intra-day breach of 108.44 (yesterday's high in New York) signals Medium Term downtrend has made a temporary bottom there, as long as resistance at 109.10 holds, bearishness remains for another selloff later today or tomorrow.
On the downside, 108.44 would indicate a top has been made and yield weakness to 108.12, break would confirm correction over and bring re-test of 107.63, then towards 107.20/30.
Only above 109.10 would dampen bearishness and risk stronger correction towards 109.34 and possibly towards 109.91/92.
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