USD/JPY - 96.77 Daily Market Outlook - Jun 4

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Yesterday's breach of 96.81 suggests the erratic upmove from last month's low at 93.85 has resumed and above previous resistance at 97.24 would confirm correction of the recent decline from 101.45 (March '09 high) is under way, yield further headway towards 97.70/80.    On the downside, below support at 96.15 would prolong consolidation inside the range of 93.85-97.24 and risk weakness to 95.50/60.

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