In respect to USD/JPY, analysts at UOB Group explained that the outlook for USD has shifted to bearish and from here, the immediate target is at 110.85, the low registered in
November last year.
"This is a rather strong support and a break of this level could open up the way for a further decline towards the rising trend-line support on the weekly chart, connecting the lows of 101.15 (Nov 16) and 107.30 (Sep 2017), currently sitting near 109.90.
Resistance is at 112.05 but only a break of 112.50 would indicate that our bearish expectation is wrong."
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 securities. 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 Forex 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.