DAILY MARKET OUTLOOKUpdate Time: 12 Jan 2016 08:18 GMT
USD/JPY - 117.36
Dollar's rally after an initial selloff to a fresh 4-1/2 month trough at 116.69 ahead of Asian open yesterday signals recent decline has made a temporary low there and despite intra-day retreat after testing New York resistance at 118.03, reckon support at 117.19 would hold and upside bias remains for another leg of correction to take place towards 118.50/60 later.
On the downside, only below 116.69 would confirm recent decline has once again resumed and extend weakness towards daily chart objective at 116.18 (2015 August low).
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