DAILY MARKET OUTLOOK
Update Time: 29 Apr 2016 09:03 GMT
USD/JPY - 107.04
As dollar has followed yesterday's decline on renewed broad-based buying in yen and penetrated previous April's bottom at 107.63 to a fresh 18-month trough at 107.08 in Asia, then marginally lower to 106.91 in European morning, confirming Medium Term downtrend from 2015 peak at 125.86 has resumed and further weakness to 106.55 and later 106.10 is seen next week, however, o/sold condition would prevent sharp decline below latter indicated level and yield a much-needed minor correction later.
On the upside, only a daily close above 108.73 would indicate a temporary low has been made and bring retracement to 109.40/50 and possibly towards 109.80/90 before down.
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