DAILY MARKET OUTLOOK on Major
Update Time: 23 Jan 2018 09:30 GMT
USD/JPY - 111.01
Despite the greenback's strong rebound from last Wednesday's fresh 4-month trough at 110.20 to 111.48 last Thursday, subsequent retreat suggests the first leg of correction has ended and choppy trading with downside bias would be seen for weakness to 110.30/40, below would confirm this view and yield re-test of aforesaid support.
However, loss of momentum would prevent steep fall below there and yield rebound later.
On the upside, only above 111.48 would revive bullishness for a stronger retracement of medium term decline towards 111.69/70, then 111.88/90 later this week.
U.S. eco. calendar is pretty light with Redbook sales and Richmond Fed manufacturing index the only data due out later today.
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