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Daily Market Outlook (02 Aug 2021)
Update Time: 02 Aug 2021 08:21GMT
Next Update At: 00:30GMT
USD/JPY - 109.65

The greenback's selloff following the Federal Reserve's dovish hold on Wednesday and yesterday's release of soft U.S. GDP data to 109.37 in Australia today suggests correction from July's bottom at 109.07 has ended at 110.59 last Friday and consolidation with downside bias remains for a re-test of said support, break would extend MT decline to 108.70/80 before prospect of a rebound.  
On the upside, only abv 110.28 would indicate a temporary low has been made and risk stronger gain to 110.59 again.

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