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USD/JPY - 107.23 Daily Market Outlook - Jul 24

24 Jul, 2008 @ 08:31 pm EST

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Although dollar's retreat from 107.99 suggests recent upmove has formed a temporary top yesterday and consolidation with mild downside bias is seen for another corrective fall to 106.70/80, anticipated oversold condition should keep price above previous support at 106.05 and yield rebound later.

On the upside, only above 107.99 would extend the rise from 103.77 to 108.20 but daily chart resistance at 108.59 may hold on first testing...

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