DAILY MARKET OUTLOOK
Update Time: 07 Jan 2016 08:27 GMT
USD/JPY - 118.02
Dollar's intra-day sharp drop below 2015 Oct's low at 118.06 to 117.66/67 in Asia due to selloff in Chinese stocks and the yuan suggests price would head towards daily key sup at 116.15 (Aug bottom) later this month.
Today, loss of momentum should prevent steep fall and reckon 117.20/30 would contain weakness.
On the upside, only above 118.70/80 would signal a temporary low in in place and yield a much-needed corrective rebound towards 119.15/20. However, upside should falter well below res at 119.70.
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