DAILY MARKET OUTLOOK
Update Time: 19 Jan 2016 09:30 GMT
USD/JPY - 117.81
Dollar's intra-day rally above yesterday's 117.44 high to 118.00 at European open as a relief-rally in Asian stocks has boosted risk sentiment confirms recent downtrend has indeed formed a temporary low at last Fri's fresh 4-1/2 month bottom at 116.51 and 1-2 days of choppy consolidation is in store with near term upside bias.
However, reckon upside would falter well below res at 118.85 (last Fri's U.S. NFP-high) and yield subsequent stronger retreat.
On the downside, below 117.44 would be the first signal intra-day top is in place and yield weakness twd 117.01 where a daily close below there suggests correction from 115.51 has ended.
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