fxsoriginal  Daily market outlook on major

Update Time: 05 Jan 2022 09:30GMT.

USD/JPY - 115.97

Although dollar's retreat after yesterday's rally to a 5-year top at 116.34 on broad-based yen selling signals recent upmove has made a temporary top there and consolidation is in store, as long as 115.81 holds, upside bias remains for gain towards 116.70 but overbought condition would keep price below 116.86 and bring a much-needed correction later this week.

On the downside, only below 115.81 would indicate a temporary top has been made and risk stronger retracement twd 115.51.

U.S. will release MBA mortgage applications, ADP private payrolls n Markit services PMI, then later, FOMC minutes.

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