DAILY MARKET OUTLOOK Update Time: 22 Oct 2015 08:24 GMT
USD/JPY - 119.63
Despite the greenback's sharp selloff below September's trough at 118.60 to 118.06 last Thursday, subsequent strong rebound on the release of upbeat U.S. jobless claims and inflation data signals the erratic decline from 121.75 has formed a temporary low there and consolidation with upside bias would be seen for a stronger retracement towards 120.35/40, then to 120.57.
However, loss of momentum would keep price below 120.80/90 and bring another fall early next week.
On the downside, only below 118.60 would indicate aforesaid recovery has ended and turn outlook bearish for a re-test of 118.06.
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