USD/JPY sees solid support around 102.60 – UOB
|Further weakness in USD/JPY should meet contention in the 102.60 area, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “USD closed little changed last Thursday (31 Dec) but weakened after opening this morning. Downward momentum is showing sign of improving and the bias is tilted to the downside. That said, 102.85 is a solid support and this level is unlikely to yield so easily (next support is at 102.60). Resistance is at 103.25 but the stronger level is at 103.45.”
Next 1-3 weeks: “USD traded between 102.86 and 103.89 for the past two weeks or so. While downward momentum has improved somewhat and the risk of a break of 102.86 has increased, any weakness is likely limited to 102.60. On the upside, a break of 103.65 would indicate that the current mild downward pressure has eased.”
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.