USD/JPY - 93.48 Daily Market Outlook - Jul 21

 @ibtimes on July 21 2009 8:44 PM

Yesterday's selloff in part due to cross buying in yen suggests further choppy trading below this week's temporary top at 94.80 is in store and a breach of support area at 93.25/27 would bring stronger retracement of the corrective rise from 91.73 towards 92.72 before prospect of a rebound due to anticipated oversold condition.    On the upside, only above 94.40 would indicate the aforesaid fall from 94.80 has ended and bring re-test of this resistance later.

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