A move below the 109.00 region in USD / JPY looks unlikely. in the short term, according to the UOB Group currency strategists.
Key Comments:
24 hour view: “The sharp decline in USD / JPY to 109.23 was a surprise (we expect USD / JPY to retest resistance at 109.95). Despite the decline, the downside momentum has barely improved. In other words, USD / JPY is unlikely to weaken further. For today, USD / JPY is more likely to move sideways between 109.30 and 109.70 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (April 12, USD / JPY at 109.65). As highlighted, the downside risk in USD / JPY is still intact, but the waning bearish momentum suggests that ‘the possibility of a sustained decline below 109.00 is not high’. However, only a breakout of 110.10 (the ‘strong resistance’ level was at 110.35 yesterday) would indicate that downside risk has dissipated. “
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