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- USD/JPY: Further upside loses traction - UOB
USD/JPY: Further upside loses traction - UOB
FXStreet reports that FX Strategists at UOB Group notes that the prospects for extra gains in USD/JPY seem to be losing some impulse.
24-hour view: “While downward momentum is not exactly strong, there is room for USD to retest the 105.20 level before a more sustained recovery can be expected. The prospect for a break of the ‘strong support’ at 105.00 is not high. Resistance is at 105.70 followed by 105.90.”
Next 1-3 weeks: “Last Friday (19 Feb, spot at 105.75), we indicated that USD ‘could consolidate for a few days first before pushing higher to 106.35’. We did not quite anticipate the rapid drop to 105.22. Upward momentum has waned quickly and the prospect for further USD strength has diminished considerably. In order to rejuvenate the flagging momentum, USD has to move and stay above 105.90 within these 1 to 2 days or a break of the ‘strong support’ at 105.00 would not be surprising (and would indicate that 106.35 is out of reach this time round).”
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