TRENDING:

USD/JPY: A decline to 146.00 seems probable – UOB

In the opinion of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, USD/JPY could lose further ground and revisit the 146.00 zone in the next few weeks.

Key Quotes

24-hour view: We expected USD to drop to 146.00 yesterday. Our expectation did not materialise as USD dropped to 146.21 and then rebounded strongly to 147.48. Downward pressure has eased with the rebound. Today, USD is likely to trade in a range, probably between 146.50 and 147.60.

Next 1-3 weeks: Yesterday (04 Dec), when USD was trading at 146.50, we indicated that the recent USD weakness has resumed. We also indicated that if USD “breaks below 146.00, the focus will shift to 145.05.” USD then dropped to 146.21 and rebounded. We continue to hold the same view for now. Overall, only a breach of 148.10 (no change in ‘strong resistance’ level) would suggest that USD is not ready to break below 146.00.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD faces solid resistance near 1.1650

EUR/USD is losing ground for the second consecutive day in quite a disheartening start to the new trading week, always on the back of the resurgence of the buying interest in the US Dollar ahead of key US data releases and amid shrinking bets of Fed rate cuts.

GBP/USD remains slightly offered near 1.3160

GBP/USD is slipping again on Monday, extending Friday’s pullback and orbiting around 1.3160 as the Greenback stages a decent bounce. In the meantime, sentiment toward the Sterling remains cautious, with UK fiscal concerns still hanging over the market and keeping buyers on the defensive.

Gold declines below $4,050 on USD strength and hawkish Fed comments

Gold price extends the decline to around $4,030 during the early Asian session on Tuesday. The precious metal edges lower as traders dialed back expectations of a US interest rate cut next month. Traders will closely monitor the US September Nonfarm Payrolls report later on Thursday.

Strategy scoops the dip, buys $836 million worth of Bitcoin in largest purchase since July

Strategy has added 8,178 BTC to its holdings, purchasing the stack for roughly $835.6 million, according to a SEC filing on Monday. The buying activity, which took place between November 10 and 16, has pushed Strategy's holdings to 649,870 BTC, with an average purchase price of $74,433.

The week ahead: US economic data back in focus, and can Nvidia save the day for tech?

At the start of a new week, the market mood has calmed. US stock futures are pointing to small gains later on Monday, after a sharp sell off on Friday, European stock index futures are mostly flat at the start of the week.

Chainlink bulls defend key support, but low retail interest signals caution

Chainlink trades above $14.00 on Monday, as the cryptocurrency market generally recovers from last week’s volatility. LINK faces declining retail interest amid a weak derivatives market characterised by suppressed Open Interest.