USD/JPY: Rising bets for further downside – UOB


In opinion of FX Strategists at UOB Group USD/JPY could grind lower to the 109.00 region in the near-term.

Key Quotes

24-hour view: “We highlighted yesterday that ‘there is scope for the weakness in USD to test 109.55 first before stabilization can be expected’. USD subsequently dipped to 109.56 before trading sideways for the rest of the sessions. The current movement is viewed as part of a consolidation and for today, USD is expected to trade between 109.50 and 110.00.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (07 Apr, spot at 109.75). As highlighted, in view of the vastly improved downward momentum, the current pullback in USD could extend to 109.05. The corrective pullback is deemed intact as long as USD does not move above 110.55 (no change in ‘strong resistance’ level). That said, oversold shorter-term conditions could lead to a couple of days of consolidation first.”

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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD attempts recovery above 1.1950 as US dollar bounce fizzles

EUR/USD is attempting a recovery above 1.1950 ahead of the European open, as the US dollar’s rebound falters amid persistent weakness in the Treasury yields. Easing concerns over EU's covid vaccines rollout and dovish Fed expectations underpin the spot.

EUR/USD News

GBP/USD recovers to 1.3850 as UK’s optimism offsets USD bounce

GBP/USD recovers to 1.3850, picking up fresh bids heading into the London open. The cheers the UK’s advantage of faster vaccinations and unlock guidelines to shrug off the US dollar’s bounce off late the lowest since late March.

GBP/USD News

Gold’s path of least resistance appears north, $1798 in sight

Gold is consolidating last week’s rally to two-month highs of $1784, in the wake of the persistent weakness in the US Treasury yields across the curve.  However, gold bulls remain motivated, as China steps up bullion imports.

Gold News

Bitcoin network hash rate drop may not have caused BTC price crash

China’s prominent regions for Bitcoin mining have suffered an electrical grid blackout, causing Bitcoin’s hash rate to decline. Bitcoin price crashed over the weekend, coinciding with the drop of the network’s hash rate.

Read more

S&P 500 Week Ahead: Banks beat the street, COIN booms as funds flow to ETFs

Equity markets continue to remain bolstered from all sides as the macro environment produces strong numbers, earnings continue to smash estimates and inflation concerns take a back seat. Earnings season switches from bank stocks to reopening plays.

Read more

Forex MAJORS

Cryptocurrencies

Signatures