- Analytics
- News and Tools
- Market News
- USD/JPY: Upside pressure alleviated below 122.20 – UOB
USD/JPY: Upside pressure alleviated below 122.20 – UOB
In opinion of FX Strategists at UOB Group, if USD/JPY breaches the 122.20 level it could signal the end of the end of the rally.
Key Quotes
24-hour view: “Yesterday, we expected ‘the rally in USD to extend to 123.30’. We did not expect the massive spike in volatility as USD rocketed to 125.10 before dropping quickly. Further volatile price actions appear likely and USD could trade within a relatively broad range of 122.60/124.60.”
Next 1-3 weeks: “Yesterday (28 Mar, spot at 122.80), we highlighted that the rally in USD could extend to 123.80. We did not expect the outsized surge that sent USD to a high of 125.10. Despite the subsequent sharp pullback from the high, the USD rally is still intact. That said, it is left to be seen if USD is able to maintain a foothold above 125.10 (next resistance is another major level at 125.85). Overall, only a breach of 122.20 (‘strong support’ level was at 121.00 yesterday) would indicate that the USD rally that started more than 2 weeks ago has come to an end.”
© 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
