DAILY MARKET OUTLOOKUpdate Time: 15 Feb 2016 09:07 GMT
USD/JPY - 113.82
Although intra-day broad-based rally in Asian stocks (except China) has pushed dollar above Fri's 113.53 high (New York) to 114.10, confirming recent downtrend has indeed formed a temporary low at last Thursday's 15-month trough at 110.99, near term overbought condition would prevent strong gain above 114.21/26 and yield subsequent retreat.
Below 113.17/27 (previous res area, now sup) signals 1st leg of correction is over and brings stronger retracement to 111.59/64 later today or tomorrow.
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