DAILY MARKET OUTLOOK
Update Time: 26 Jan 2016 09:42 GMT
USD/JPY - 117.88
Despite the greenback rally from last Wednesday's fresh 1-year trough at 115.97 to 118.88 on Friday, subseqeunt retreat suggests the first leg of correction has ended and consolidation with downside bias would be seen for weakness towards 117.54, below would add credence to this view and extend towards 117.08.
However, support at 116.47 should remain intact and yield rebound.
On the upside, only above 118.17 (previous support, now resistance) would indicate pullback has ended and turn outlook bullish for gain to 118.34/40.
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