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Daily Market Outlook (22 Jul 2016)
Update Time: 22 Jul 2016 08:08GMT
Next Update At: 00:30GMT
USD/JPY - 106.16

Although yesterday's intra-day sharp selloff from a fresh 6-week peak at 107.49 to as low as 105.42 signals erratic upmove form Jun's 29-month trough at 99.00 has made a temporary top there, subsequent intra-day rebound to 106.49 in New York suggests first leg of correction over and choppy trading would be seen but reckon 106.87 (previous sup, now res) would hold and yield another fall later.  
  
Below 105.42 would bring stronger retracement towards 64 before prospect of a rebound. Only above 107.49 indicates MT decline is still being retraced and extend gain to next upside target 107.90.  
 

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