DAILY MARKET OUTLOOK Update Time: 04 Aug 2015 08:12 GMT
USD/JPY - 123.95
Although dollar's rebound after Friday's intra-day sell-off from 124.38 to 123.52 suggests the first leg of correction from last Thursday's 7-week peak at 124.58 has ended there, as long as said resistance at 124.58 holds, choppy trading with downside bias remains but only below 123.52 would bring stronger retracement of early upmove from 120.42 (July) towards 123.01.
On the upside, a daily close above 124.58 would yield further gain towards 125.00/07 but price should falter well below June's 13-year peak at 125.86 ahead of Friday's key U.S. jobs data.
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