The USD/JPY it could lose more ground and drop to the 109.00 zone, according to UOB Group forex strategists.
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24-hour perspective: “The sharp decline in the USD last Friday was a surprise. The rapid decline has gained considerable momentum and the USD could weaken further to 109.25. The next support at 109.00 is unlikely to enter the picture. The resistance is at 109.75 followed by 109.95.”
Next 1-3 weeks: “Although we observed last Thursday (Aug 12, pair at 110.40) that the upside momentum had slowed, we did not anticipate the strong sell on Friday that sent the USD plummeting to 109.53. Risk has quickly shifted lower. and the USD could weaken to 109.00 from here. The resistance is at 109.95, but only a breakout of 110.15 would indicate that downside risk has dissipated. “
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