USD/JPY - Daily Market Outlook - Apr 8

By IBTimes Staff Reporter | April 08 2010 8:40 PM

Although dollar's strong rebound after yesterday's cross-inspired selloff to 92.83 in Europe, as long as 93.77 (previous support) holds, consolidation with 'mild' downside bias remains for re-test of said support and a break would extend the corrective decline from Monday's 7-month high of 94.78 toward 92.50/55 later. On the upside, in case of rising back above 93.75/80, signalling dollar has formed a temporary low yesterday at 92.83 and bring subsequent gain to 94.00/10.

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