fxsoriginal  Daily market outlook on major

Update Time: 27 Oct2021 09:30GMT.

USD/JPY - 113.76

Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 yesterday suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.20/22, however, near term loss of momentum would keep price above 113.00/05 and yield a much-needed rebound later this week.

On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.

On the data front, US will release MBA mortgage applications, durable goods order, goods trade balance, and wholesale inventories

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