DAILY MARKET OUTLOOK Update Time: 15 Oct 2015 08:04 GMT
USD/JPY - 118.35
The greenback's intra-day sharp selloff and subsequent breach of September's trough at 118.60 signals the erratic decline from 121.75 has once again resumed and consolidation with downside bias would be seen for further weakness towards 118.29, then 117.79.
However, near term loss of momentum would keep price above 117.50/60 and yield a much-needed correction early next week.
On the upside, only above 118.88 (previous support, now resistane) would indicate a temporary low has been made and turn outlook bullish for a stronger retracement towards 119.17/20.
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