USD/JPY looks for stabilization above 116.00 – UOB

In view of FX Strategists at UOB Group, USD/JPY could attempt to stabilize above the 116.00 handle.

Key Quotes

USD had another volatile day by plunging below 114.00 (low of 113.73) before rebounding strongly. Downward momentum is waning and further sustained decline seems unlikely for now. From here, allow for a dip to 114.20 but 113.70 is expected to hold for a stronger recovery to 115.05/10”.

“USD plummeted below 114.00 to touch 113.73 but rebounded quickly and strongly. While the immediate downward pressure has eased somewhat, only a move above 116.00 would indicate that a short-term low is in place. In the meanwhile, another leg lower below 113.70/75 (next support at 113.10/15) is not ruled out but the odds for such a move does not appear to be high”.


Sell 100%
Buy 0%
Avg Sell Price 117.50
Avg Buy Price 0.00
Liquidity Distribution


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.