DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 30 Aug 2016 09:15 GMT
USD/JPY - 102.38
The greenback's rally to as high as 102.39 on Monday following Yellen's hawkish comments, then intra-day break of this level signals upmove from August's 7-week trough at 99.54 remains in progress and consolidation with upside bias remains for gain towards 102.66. However, near term loss of momentum would keep price below 102.83 today and yield retreat later.
On the downside, only below 101.46 would indicate a temporary top has been made and turn outlook bearish for a stronger retracement towards 101.17 (previous resistance).
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