USD/JPY downside is losing momentum – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, the downside momentum in USD/JPY appears to have eased somewhat as of late.

Key Quotes

“We expected USD to drift lower to 112.30 before recovering. The low has been 112.44 and the lack of any significant recovery suggests that the immediate pressure is still on the downside. That said, momentum is not strong and from here, a break below 112.00 seems unlikely (minor support at 112.30). Resistance is at 112.85 followed by the stronger level nearer to 113.20”.

“While USD ekedd out a ‘fresh low’ of 112.44 yesterday, downward momentum is patchy at best and we continue to doubt the current decline can extend towards the major 111.65/70 support. That said, only a move back above 113.50 would indicate that the current negative undertone has eased”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 113.11

40% Bullish
30% Bearish
30% Sideways

Bias Bullish

1 Month

Avg Forecast 114.31

59% Bullish
29% Bearish
12% Sideways

Bias Bullish

1 Quarter

Avg Forecast 114.81

56% Bullish
22% Bearish
22% Sideways

Bias Bullish

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.

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