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Daily Market Outlook (20 May 2022)
Update Time: 20 May 2022 08:25GMT
Next Update At: 00:30GMT
USD/JPY - 127.98

Although dollar's rebound after yesterday's selloff below 128.02 to a 3-week bottom at 127.04 in New York on broad-based usd's retreat in tandem with U.S. yields suggests decline from May's fresh 20-year 131.34 peak has made a temporary low there, intra-day retreat from 128.21 in Asia suggests consolidation with mild downside bias remains and below 127.53 would re-test 127.04, break would extend said fall to 126.80 later.  
On the upside, only a daily close above 128.21 would bring stronger retracement to 128.68 but 128.94 may hold.

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