- Analytics
- News and Tools
- Market News
- USD/JPY: Shrinking odds for a drop to 104.70 – UOB
USD/JPY: Shrinking odds for a drop to 104.70 – UOB
FXStreet reports that a move to 104.70 in USD/JPY appears to be losing momentum for the time being, in opinion of FX Strategists at UOB Group.
24-hour view: “Yesterday, we held the view that USD ‘could edge upwards but a clear break of the major resistance at 106.55 appears unlikely’. Our view was not wrong as USD touched a high of 106.55 before easing off to close the day little changed at 106.17 (-0.01%). Momentum indicators have turned ‘neutral’ and for today, USD is likely to trade sideways between 105.80 and 106.35.”
Next 1-3 weeks: “After plunging to a low of 105.18 last week, USD has not been able to make much headway to the downside as it traded sideways to slightly higher over the past few days. Downward momentum has deteriorated rapidly and the odds for USD to test the solid support at 104.70 have diminished. However, only a breach of 106.55 would indicate that USD has moved back into a consolidation phase. Meanwhile, USD has to move and stay below 105.80 within these 1 to 2 days or a breach of 106.55 would not be surprising.”
© 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
