DAILY MARKET OUTLOOK - USD/JPYUpdate Time: 30 Oct 2014 08:24 GMT
As dollar has continued to ratchet higher after yesterday's rally above Monday's high of 108.37 after Fed ended its multi-year long QE, suggesting the correction from October's 6-year peak at 110.09 has indeed ended at 105.20 last week and consolidation with upside bias remains, however, only a break of said resistance would confirm long-term uptrend has once again resumed and yield further gain towards 110.60/70 next week.
On the downside, below 108.71/75 would prolong choppy trading and may yield weakness towards 108.10/20 but support at 107.61 (Tuesday's low) should remain intact.
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