USD/JPY outlook shifted to bearish from neutral – UOB

FX Strategists at UOB Group have shifted the outlook on the pair to bearish and expect a test of 110.10 in the near term.

Key Quotes

“The expected ‘deep pullback’ towards 112.00 indicated yesterday morphed into a full-fledged slump as USD plunged to a low of 110.54 at the time of writing”.

“While the decline appears to be running ahead of itself, there is no sign of stabilization just yet and extension to 110.10 seems likely. That said, current level of 111.10 does not offer attractive reward to risk as confirmation of a short-term low is only upon a move back above 111.90”.

 

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.