DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 28 Jul 2016 09:12 GMT
USD/JPY - 104.74
Despite dollar's spectacular rally to 106.54 in Asia yesterday due to talk of more Japan's stimulus package, subsequent selloff following Fed's unchanged rate decision in New York session and then and fall below 105.10 (reaction low) to as low as 104.49 at European open today suggests choppy trading below last Thursday's 6-week peak at 107.49 would continue but only a break of 103.99 (Tuesday) would bring stronger retracement of early upmove from June's 29-month trough at 99.00 towards 103.25 later.
On the upside, above 105.30 would prolong choppy trading but res area at 106.05-14 should remain intact.
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