- Analytics
- News and Tools
- Market News
- USD/JPY: Further consolidation ahead of extra losses? – UOB
USD/JPY: Further consolidation ahead of extra losses? – UOB
USD/JPY could attempt to consolidate prior to a potential decline to the 131.65 level in the next weeks, comment FX Strategists at UOB Group Quek Ser Leang and Peter Chia.
Key Quotes
24-hour view: “Last Friday, we highlighted that ‘slowing downward momentum suggests USD is unlikely to weaken further’ and we expected USD ‘to trade sideways between 132.30 and 133.80’. USD subsequently trade within a narrower range than expected (132.87/133.89). The underlying tone has softened somewhat and USD is likely to edge lower. However, the support at 132.40 is unlikely to come under threat (minor support is at 132.70). Resistance is at 133.55 followed by 133.80.”
Next 1-3 weeks: “Last Thursday (11 Aug, spot at 132.85), we highlighted that USD could consolidate for a couple of days first before declining to 131.65. While downward momentum has waned somewhat, there is no change in our view for now. Overall, only a breach of 134.40 (no change in ‘strong resistance’ from last Friday) would indicate that USD is unlikely to weaken further.”
© 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
