DAILY MARKET OUTLOOK Update Time: 29 Jul 2015 08:08 GMT
USD/JPY - 123.67
Although dollar's stronger rebound from Monday's low at 123.01 to 123.80 Tuesday suggests correction from last week's 5-week top at 124.48 has ended there and choppy trading with upside bias would be seen, break of 124.19 resistance is needed to confirm this view and yield resumption of early upmove from 120.42 (July) to re-test said temporary high and then towards 125.00/07.
Below 123.01 would bring stronger retracement to 122.88/92 and then possibly towards 122.45 (50% r of 120.42-124.48) but good support at 122.05 should remain intact.
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