- Analytics
- News and Tools
- Market News
- USD/JPY set to trade rangebound within 140.10-141.40 – UOB Group
USD/JPY set to trade rangebound within 140.10-141.40 – UOB Group
The US Dollar (USD) is likely to trade in a sideways range of 140.10-141.40 against the Japanese Yen (JPY), UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note. In the longer run, downward momentum has not increased much, they say, adding that the USD could continue to weaken but that it remains to be seen if 139.00 is within reach.
USD could continue to weaken towards 139.00
“USD fell below 140.00 yesterday, reaching a 14-month low of 139.56. USD rebounded strongly from the low to close slightly lower at 140.60 (-0.16%). The rebound in severely oversold conditions and slowing momentum indicates that instead of continuing to weaken, USD is more likely to trade sideways. Expected range for today: 140.10-141.40.”
“While USD fell and broke below the round-number support of 140.00 yesterday (low of 139.56), downward momentum has not increased much. However, the weakness has not stabilised, and USD could continue to weaken even though it remains to be seen if 139.00 is within reach this time round. On the upside, a breach of 142.20 would indicate that the weakness has stabilised.”
© 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
