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Daily Market Outlook (05 Mar 2015)
Update Time: 05 Mar 2015 08:49GMT
Next Update At: 00:30GMT
USD/JPY - 119.83

Despite Tuesday's selloff from 120.27 to 119.38, the greenback traded narrowly inside 119.50-119.83 range on Wednesday as focus was on the single currency. Current price action suggests as long as 119.91 resistance holds, mild downside bias remains for decline from 120.27 to retrace upmove from 118.20 to resume after minor consolidation, yield one more marginal weakness below said support, however, reckon 119.09 should contain downside and yield rebound later.  
On the upside, a daily close above pivotal resistance at 120.48 would signal a possible upside break of recent triangle consolidation from 2014 7-1/2 year peak at 121.85 (Dec) and may bring re-test of said resistance later.

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