DAILY MARKET OUTLOOK
Update Time: 21 May 2015 08:07 GMT
USD/JPY - 121.00
Although dollar’s rally above daily resistance at 120.84 to 121.48 yesterday signals an ‘upside break’ of early 10-week long broad range of 122.03-118.33 has taken place, subsequent retreat following the release of FOMC minutes suggests 1-2 days of consolidation would be seen.
However, reckon 120.27 (previous resistance, now sup) would hold and bring another up move later.
Above 121.48 would extend gain to 121.67 and then towards 2015 peak at 122.03 (March).
On a failure to penetrate 122.03 and a daily close below 120.27 would indicate price would remain confined inside aforesaid 122.03-118.33 broad range and yield weakness towards 119.83/93 and then 119.40/50.