- Analytics
- News and Tools
- Market News
- USD/JPY: A move to 116.50 loses traction – UOB
USD/JPY: A move to 116.50 loses traction – UOB
An advance to the mid-116.00s in USD/JPY seems to have been losing momentum as of late, commented FX Strategists at UOB Group.
Key Quotes
24-hour view: “Last Friday, we expected USD to trade sideways between 115.55 and 116.20. USD subsequently traded between 115.50 and 116.04 before settling on a soft note at 115.55 (-0.23%). The weakened underlying tone suggests USD could drift lower but a break of the strong support at 115.30 is unlikely. Resistance is at 115.80 followed by 116.00.”
Next 1-3 weeks: “We highlighted last Friday (07 Jan, spot 115.95) that while upward momentum has eased somewhat, only a breach of 115.30 (no change in ‘strong support’ level) would indicate that USD is not ready to head higher to 116.50. There is no change in our view for now even though after the soft daily closing last Friday, the prospect for USD to advance to 116.50 has diminished.”
© 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
