DAILY MARKET OUTLOOK Update Time: 19 May 2015 08:01 GMT
USD/JPY - 119.98
Dollar's erratic rise from last Thursday's low at 118.88 to 120.04 on Monday, then marginally higher to 120.06 in European morning today signals price would remain confined inside early 8-week long broad range of 122.03-118.33 and near term upside bias is seen for stronger gain to 120.27 and then 120.51.
However, reckon daily resistance at 120.84 would cap upside and bring another fall later.
On the downside, only below 119.20/27 support area would dampen this mildly bullish scenario and bring weakness to 118.88, break would extend losses towards April's bottom at 118.50.
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