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Daily Market Outlook (09 Dec 2016)
Update Time: 09 Dec 2016 08:15GMT
Next Update At: 00:30GMT
USD/JPY - 114.48

Despite yesterday's initial fall to 113.14, subsequent rally to 114.37 and intra-day rise above this level suggests the first leg of correction from last Thursday's 9-month peak at 114.83 has ended at 112.88 Monday and consolidation with upside bias remains, however, above 114.78 (reaction high) is needed to confirm this view and yield resumption of medium-term upmove for a re-test of 114.83 later today or early next week.  
On the downside, only below 113.14 would abort daily bullishness and risk weakness towards 112.88, break there would retain bearishness for a stronger retracement towards 112.40/50.

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