DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 25 Jul 2016 09:09 GMT
USD/JPY - 106.27
Although dollar's sharp selloff from a fresh 6-week peak at 107.49 to as low as 105.42 last Thursday signals erratic upmove form June's 29-month trough at 99.00 has formed a temporary top there, subsequent rebound to 106.40 on Friday and then 106.73 in Asia today suggests first leg of correction over and choppy trading would be seen but reckon 107.27 res would hold and yield another fall later.
Below 105.42 would bring stronger retracement towards 64 before prospect of a rebound. Only above 107.49 indicates Medium term decline is still being retraced and extend gain to next upside target 107.90.
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