DAILY MARKET OUTLOOK on Major
Update Time: 18 May 2017 09:16 GMT
USD/JPY - 110.84
The greenback's sharp selloff yesterday and subsequent break of Monday's low at 113.13 to 110.53 today signals decline from last Wednesday's 8-week peak at 114.37 remains in progress and consolidation with downside bias remains for weakness towards 110.20/30.
However, near term loss of momentum would prevent sharp move beyond there and risk would increase of a much-needed rebound later.
On the upside, only above 112.55 would indicate the first leg of correction has ended and turn outlook bullish for gain to 113.15 but resistance at 113.85 should remain intact, bring retreat.
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