Deeper pullback awaits below 109.10 – UOB

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The USD / JPY faces further losses if it breaks below 109.10 in the short termsay the currency strategists at UOB Group.

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24 hour view: “USD / JPY closed softly at 109.21 (-0.16%) in the American session, but rebounded during early Asian hours. Diminishing downside momentum coupled with oversold conditions suggest limited risk to the downside. for USD / JPY. For today, USD / JPY is likely to consolidate and trade between 109.10 and 109.70. “

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Next 1-3 weeks: “Our last narrative was from last Friday (September 17, USD / JPY at 109.75) where ‘USD / JPY is likely to consolidate and trade between 109.30 and 110.25’. Despite falling below 109.30 yesterday (September 21, September), the downside momentum has not improved much. Looking ahead, USD / JPY has to close below 109.10 before a sustained decline can be expected. The prospect of a daily close below 109.10 does not is high for now, but would remain intact as long as USD / JPY does not move above 110.00 these few days. Looking ahead, if USD / JPY closes below 109.10, the odds of a breakout from the August low about 108.70 would be quite high. “


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