- Analytics
- News and Tools
- Market News
- USD/JPY sticks to the 107.00/109.00 range – UOB
USD/JPY sticks to the 107.00/109.00 range – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, the bias in USD/JPY remains tilted to the downside, albeit as part of the broad 107.00/109.00 trading range.
24-hour view: "Our view for USD yesterday that it 'could dip towards 107.70; next support at 107.40 is unlikely to come into the picture'. Our view was not wrong as USD subsequently dropped to a low of 107.49. Downward momentum has improved further and the risk for today is still on the downside. From here, barring a move back above 108.05 (minor resistance is at 107.85), USD is expected to weaken further towards 107.25. The strong support at 107.00 is likely out of reach for now."
Next 1-3 weeks: "After rising quickly to a high of 109.37 last Monday (06 Apr), USD has not been able to make any headway on the upside as it subsequently traded sideways to lower for the rest of the week. The price action has resulted in a rapid loss in momentum and has put paid to our view for USD to test 110.40. From here, the bias is tilted to the downside but at this stage, any weakness is viewed as part of a 107.00/109.00 range."
© 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
