DAILY MARKET OUTLOOK USD/JPY - 109.54Update Time: 30 Sep 2014 08:58 GMT
Dollar's rebound after retreating from yesterday's fresh 6-year peak at 109.75 to 109.13 signals long-term uptrend from 2011 record low at 75.32 would resume after consolidation and above said resistance would bring further headway to psychological res at 110.00.
However, loss of momentum should prevent sharp move beyond there and price would falter well below daily key resistance at 110.67 and a 'much-needed' correction later.
On the downside, only a daily close below 108.85 would indicate a temporary top is made and shift risk to downside for a retracement towards 108.48.
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