- Analytics
- News and Tools
- Market News
- USD/JPY: Downside alleviated on a breakout of 132.00 – UOB
USD/JPY: Downside alleviated on a breakout of 132.00 – UOB
Extra decline looks likely in USD/JPY while below the 132.00 mark, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB.
Key Quotes
24-hour view: “We highlighted yesterday that USD ‘is likely to edge lower to 130.60, possibly testing the support at 130.20’. While USD weakened as expected, it did not test the support at 130.20 (low of 130.39). Downward momentum has waned with the rebound and USD is unlikely to weaken further. Today, USD is more likely to trade in a range, expected to be between 130.70 and 131.75.”
Next 1-3 weeks: “We have expected USD to weaken since the middle of last week. After USD dropped to 129.67 and rebounded strongly, in our latest update from Monday (27 Mar, spot at 130.70), we indicated “Further USD weakness is not ruled out but USD has to break and stay below 129.60 before further decline is likely”. Since then, USD has not been able to make much headway on the downside. Downward momentum is waning rapidly and the risk of USD bottoming is increasing. However, only a break of 132.00 (no change in ‘strong resistance’ from yesterday) would indicate that USD is not declining 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
