Additional losses seem negated in case USD / JPY manages to break above the 110.55 levelsay the currency strategists at UOB Group.
Featured Comments
24 hour view: “We expected USD / JPY to ‘trade between 109.85 and 110.30’ yesterday. However, it rose to 110.40 before closing on a firm tone at 110.35 (+ 0.18%). Despite the advance, the upside momentum has not improved much. That said, USD / JPY could move higher from here, but a clear break out of the strong resistance at 110.55 is unlikely. On the downside, a breakout of 110.00 (the minor support is at 110.15) would indicate that the slight current upward pressure has eased. “
Next 1-3 weeks: “We have expected USD / JPY to weaken since the middle of last week. After USD / JPY fell to 109.52, we indicated last Friday (July 9, USD / JPY at 109.85) that the pair is still under pressure. and a breakout of 109.50 would open the way for a move lower to 109.20 Since then, the USD / JPY has not been able to make much headway on the downside as it has moved higher the last few days. the downside is starting to wane and a breakout of 110.55 (unchanged from the “strong resistance” level) would indicate that USD / JPY is not ready to move below 109.50 just yet. In order to rejuvenate momentum to On the downside, USD / JPY should close below 110.00 within these 1-2 days or a breakout of 110.55 would not be surprising. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
