USD/JPY - 103.03 Daily Market Outlook - May 11

By IBTimes Staff Reporter | May 11 2008 8:47 PM

Despite intra-day marginal breach of Friday's low at 102.61 due to cross-buying in yen, dollar's present rebound suggests a temporary low has been formed there and near term upside bias is seen for a minor correction of recent decline, however, reckon 103.40/50 would cap current rise and bring resumption of decline towards daily chart objective at 102.25 later today or tomorrow. On the upside, only a rise back abv 104.08 wud abort present bearish scenario and signal early selloff from 105.70 has made a low.

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