- Analytics
- News and Tools
- Market News
- USD/JPY: Weakness could diminish above 139.50 – UOB
USD/JPY: Weakness could diminish above 139.50 – UOB
The downside pressure around USD/JPY is expected to lose momentum once the pair surpasses 139.50, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: After USD fell to 137.23 last Friday and then rebounded strongly, we indicated yesterday that “the rebound in severely oversold conditions suggests USD is unlikely to weaken further” and we held the view that USD “is more likely to trade in a range of 137.80/139.00.” USD dipped to a low of 138.07 in early London trade, rebounded sharply to 139.40 and then eased off to end the day little changed at 138.71 (-0.01%). The price actions appear to be part of a consolidation phase. Today, we expect USD to trade in a range between 138.20 and 139.30.
Next 1-3 weeks: Our update from yesterday (17 Jul, spot at 138.55) still stands. As highlighted, while the recent downward momentum has slowed somewhat, only a break of 139.50 would indicate that the USD weakness that started early last week has stabilized. However, it is worth nothing that USD rose briefly to 139.40 in early NY session, and downward momentum has slowed 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
