USD/JPY risks a visit to 110.60 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the pair could drop and test the 110.60 region in the short-term horizon.

Key Quotes

24-hour view: “USD rebounded quickly after touching a low of 110.68 early yesterday. The current movement is viewed as part of a consolidation phase and USD is expected to trade sideways for today, likely within a 110.80/111.50 range”.

Next 1-3 weeks: “USD dipped to a low of 110.68 yesterday before rebounding quickly. The low was just above the bottom of our expected 110.60/112.20 consolidation range. Despite the bounce, the underlying tone has weakened and from here, the risk for a break of 110.60 has increased. A break of 110.60 would suggest USD is ready to probe the next support at 110.25. On the upside, only a break of 111.80 would indicate that the current mild downward pressure has eased”.

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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