Daily market outlook on major

Update Time: 25 May 2022 09:30GMT.

USD/JPY - 127.04

Dollar's selloff to last Thur's 3-week bottom at 127.04 suggests a long-awaited correction of recent uptrend has occured and despite intra-day recovery to 128.08 in Asia, subsequent retreat signals consolidation with downside bias remains for re-test of said support, break would extend said decline to 126.70/80.

On the upside, only a daily close above 128.29 would indicate aforesaid pullback over and risk stronger gain to 128.65/68.

Data to be released on Wednesday

Germany GDP, Gfk consumer confidence, France consumer confidence, Swiss investor sentiment, U.S. mortgage application, durable goods, durables ex-transport and durables ex-defense.

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