Monday July 11, 2005 - 01:37:51 GMT
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USD/JPY Daily Outlook
USD/JPY - 112.22
Update time - 01:30GMT
Next update - 08:30GMT
Despite Friday's rise to 112.60, subsequent retreat suggests a temporary top has possibly been formed there and a day of consolidation is in store with downside bias for weakness to 111.78, break there would confirm and bring correction to 111.48.
Above said resistance level would yield one more upmove to 112.90/00 before strong pullback later this week...
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