fxsoriginal DAILY MARKET OUTLOOK on Major

USD/JPY - 108.94
Despite dollar's selloff below yesterday's 109.22 low to a 1-week 108.25 bottom in Asia today, subsequent rebound suggests decline from Tuesday's 1-month 111.71 peak has made a temporary trough there and minor consolidation would be seen before prospect of another fall to 107.67/75 but 107.26 should remain intact.

On the upside, only above 109.22 would risk stronger retreacement to 109.71, then 110.16.

Data to be released later:
UK nationwide house price index, France consumer confidence, Italy manufacturing business confidence, consumer confidence.
U.S. personal income, personal spending, core PCE price index, PCE price index, University of Michigan sentiment, and Canada average weekly earnings, budget balance.

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