- Analytics
- News and Tools
- Market News
- USD/JPY remains bearish in the near-term – UOB
USD/JPY remains bearish in the near-term – UOB
FX strategists at UOB Group expect further softness in USD/JPY, although a break below the 107.00-handle would not be favoured for the time being.
- "24-hour view: While our view for USD to 'edge above 108.50' yesterday was not wrong (overnight high of 108.62), the sharp sell-off after the close in NY was clearly unexpected (Iran headlines sent USD to a low of 107.80 at the time of writing). Further weakness appears likely but 107.50 is a relatively strong support and may not yield so easily (the next support of note is further down at 107.00). Resistance is at 108.20 followed by 108.50.
- Next 1-3 weeks: As highlighted, the weakness is not showing sign of stabilization and USD could continue to weaken. However, the prospect for a break of the mid- to long-term support at 107.00 is not high for now. On the upside, a breach 108.85 (no change in 'strong resistance' level) would indicate that the weakness has stabilized."
© 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
