DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 31 May 2016 09:07 GMT
USD/JPY - 111.02
Although price has eased after yesterday's rally to a fresh 1-month peak at 111.45 on dollar's broad-based strength following last week's comments from Fed's Yellen and further choppy trading would be seen, as said move signals recent erratic uptrend has resumed, consolidation with upside bias remains for a re-test of aforesaid resistance, break would yield further gain towards 111.80/90 before prospect of retreat later this week.
On the downside, only below 110.59 would indicate a temporary top has been made and risk stronger retracement towards 110.00.
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