USD/JPY stays supported at 112.00 – UOB
|FX Strategists at UOB Group noted the pair should find solid contention in the 112.00 neighbourhood in the next weeks.
Key Quotes
“The strong 112.00 support was unthreatened as USD rebounded from a low of 112.30. Downward momentum has eased and USD is likely trying to form a short-term base”.
“From here, allow for a dip to 112.35/40 but 112.00 is expected to hold for a rebound to 113.05. At this stage, a sustained move above this level is not expected”.
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.