USD/JPY continues to target 131.15 – UOB
|The likelihood of further gains remains unchanged once USD/JPY clears 131.15, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “Yesterday, we highlighted that ‘the rebound from the low has room to extend but a sustained advance above 130.80 appears unlikely’. Our expectations did not materialize as USD traded between 129.73 and 130.53. The price actions are likely part of a consolidation phase and USD is expected to trade within a range of 129.60/130.60 today.”
Next 1-3 weeks: “Our update from yesterday (31 Jan, spot at 130.40) is still valid. As highlighted, while upward momentum is showing signs of increasing, USD has to break above 131.15 before a sustained advance is likely. The chance of USD breaking above 131.15 will remain in place as long as USD stays above 129.30 (no change in ‘strong support’ level) within the next few days. Looking ahead, the next resistance level above 131.15 is at 132.00.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.