DAILY MARKET OUTLOOK Update Time: 26 Oct 2015 08:34 GMT
USD/JPY - 120.89
Despite the greenback's rally from October's low at 118.06 to 121.51 today, subsequent strong retreat suggests a temporary top has been made there and consolidation with downside bias would be seen for weakness towards 120.77, below would add credence to this view and yield stronger retracement towards 120.20/23.
However, steep fall below there is unlikely to be seen and reckon support at 119.61 would remain intact and yield rebound later.
On the upside, only above 121.51 would revive bullishness for gain towards daily resistance at 121.74, break would extend towards 122.10/15.
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