USD/JPY scope for a test of 110.25 – UOB

Pablo Piovano FXStreet

Spot could extend the correction lower to the 110.25 level in the near term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that “the pressure is clearly on the downside and 110.75 is likely to be tested”. While the expectation was not wrong, the subsequent sharp and rapid rebound from a low of 110.74 came as a surprise. At this stage, the bounce is viewed as part of a correction even though there is scope for a test of the strong 111.80 resistance. At this stage, we do not anticipate a clear break above this level. Support is at 111.10 followed by the low near 110.75. The latter level is likely ‘safe’, at least for today”.

Next 1-3 weeks: “We just shifted from a bullish to neutral stance yesterday and there is no change to the view. As highlighted, while the outlook for USD is deemed as neutral, the immediate pressure has shifted to the downside and a test of month-to-date low near 110.25 would not be surprising. Only a clear break back above 111.80 would indicate that the current 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.

GBP/USD hovers around daily lows near 1.3450

GBP/USD trades with decent losses on Thursday, revisiting the 1.3450 zone. Cable’s resumption of the selling interest comes after two daily advances in a row and follows the improved sentiment around the Greenback amid fresh concerns in the Middle East.

EUR/USD slips back to two-day lows near 1.1510

EUR/USD faces some renewed downside pressure and retests the low 1.1500s in the latter part of Thursday’s NA session. The move lower in spot comes after two daily advances in a row and follows the fresh bid bias in the US Dollar amid the re-emergence of some effervescence in the Middle East. Moving forward, US NFP data will take centre stage on Friday.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

Ethereum Price Forecast: Whales absorb retail distribution as bear market nears late stage

Ethereum (ETH) large holders have been accumulating the supply of retail investors in 2026. In a report released late Wednesday, CryptoQuant analysts highlighted that the supply of the 1K-10K ETH cohort has fallen from 15.6 million ETH in January to roughly 12.9 million ETH.

Markets question Fed's inflation resolve after July FOMC meeting

Federal Reserve Chairman Kevin Warsh continues to project a tough stance on inflation, repeatedly promising to restore price stability and keep inflation anchored at the central bank's longstanding 2% target. But according to Mike Maharrey in this week's Money Metals Midweek Memo, markets are beginning to judge the Fed by its actions rather than its rhetoric—and so far, they aren't convinced.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.