- Analytics
- News and Tools
- Market News
- Short-term top in USD/JPY? – UOB
Short-term top in USD/JPY? – UOB
FX Strategists at UOB Group believe USD/JPY could have charted a short-term top in the mid-109.00s.
- "24-hour view: USD traded in a quiet manner between 108.91 and 109.29 yesterday, relatively close to our expected sideway trading range of 108.85/109.25. Despite the quiet price action, the underlying tone has weakened and the risk is on the downside. From here, barring a move above 109.30 (minor resistance is at 109.15), USD could move lower and test the strong 108.65 support (minor support is at 108.85).
- Next 1-3 weeks: After breaking above the solid 109.30 resistance and surging to 109.48 last Thursday (07 Nov), USD has not been able to make headway on the upside as it traded sideways over the past couple of days. As highlighted yesterday (12 Nov, spot at 109.05), USD “could not afford to dither as a consolidation below the solid resistance level of 109.75 would quickly increase the risk of a short-term top”. Upward momentum has deteriorated considerably and unless USD can move above 109.30 within these 1 to 2 days, a break of 108.65 (no change in ‘strong support’ level) would indicate that 109.48 is a short-term top and USD would then likely to trade sideways to lower."
© 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
