DAILY MARKET OUTLOOKUpdate Time: 24 Feb 2016 08:26 GMT
USD/JPY - 112.07
Dollar's selloff to 111.77 yesterday, then intra-day fall below this level strongly suggests the first leg of correction from February's 15-month trough at 110.99 has ended at 114.88 last Tuesday and consolidation with downside bias would be seen for weakness towards 111.30/40, however, near term loss of momentum would keep price above support at 111.10/15.
On the upside, only above 113.05 would indicate aforesaid pullback is over instead and turn outlook bullish for stronger gain towards 113.39, then 113.62.
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