DAILY MARKET OUTLOOKUpdate Time: 04 Feb 2016 08:35 GMT
USD/JPY - 117.76
The greenback's sharp selloff to as low as 117.06 yesterday on dollar-negative comments from New York Fed President William Dudley confirms recent upmove has formed a temporary top at last Friday's 1-month peak at 121.70 and consolidation with downside bias would be seen for weakness towards 116.69/70.,
However, over sold condition would prevent steep fall below there and reckon price would hold well above support at 115.97.
On the upside, only above 119.01 would indicate aforesaid correction has ended and turn outlook bullish for stronger gain to 119.40/50.
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