- Analytics
- News and Tools
- Market News
- USD/JPY: short-term top in place? – UOB
USD/JPY: short-term top in place? – UOB
According to FX Strategists at UOB Group, there is the chance that USD/JPY could have topped around 108.50.
24-hour view: “Expectation for USD to “trade sideways” last Friday was incorrect as it dropped sharply to 107.51. Despite the subsequent bounce from the low, the underlying tone remains weak. From here, barring a move back above 108.00 (minor resistance at 107.80), USD could weaken further to 107.30. For today, the next support at 107.00 is not expected to come into the picture”.
Next 1-3 weeks: “The sharp drop of -0.41% last Friday (NY close 107.55) has increased the risk of a short-term top. However, only a break of 107.50 (no change in ‘strong support’ level) would indicate that the recovery phase that started more than 2 weeks ago has run its course. In other words, a break of 107.50 would suggest that last Wednesday (18 Sep) high of 108.47 is a short-term top. From here, unless USD can move stay above 108.00 by end of today’s NY session, a break of 107.50 would not be surprising. Looking ahead, a breach of 107.50 would indicate the start of a consolidation phase and USD would then likely to trade sideways to slightly lower for a period”.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
