USD/JPY faces the next support at 104.00 – UOB
|The outlook on USD/JPY remains tilted to the downside with the next target of significance at the 104.00 area, noted FX Strategists at UOB Group.
Key Quotes
24-hour view: “The sudden sharp lurch lower in USD came as a surprise. The outsized decline appears to be running ahead of itself but is not showing any sign of stabilization just yet. From here, there is scope for USD to test the support at 104.20 first before the current weakness should stabilize. Resistance is at 104.90 followed by 105.10.”
Next 1-3 weeks: “After trading in a quiet manner for several days, USD jolted awake and plunged to a low of o104.32. While the sudden and sharp drop appears to be running ahead of itself, there is no denying that downward momentum has improved considerably. That said, it is left to be seen if USD can crack the September’s low near 104.00. Overall, USD is expected to stay on the defensive unless it can move above 105.40 (‘strong resistance’ level).”
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.