According to the currency strategists at the UOB Group, USD / JPY decline expected to find solid support around 112.50 on the short-term horizon.
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24 hour view: “Our view that ‘USD / JPY bounce spreads’ was incorrect as it fell to 112.65. Despite the decline, the downside momentum has not improved much. For today, USD / JPY could go down, but a breakout of the main support at 112.50 is unlikely (minor support is at 112.65). Resistance is at 113.25, but only a breakout of 113.50 would indicate that the current pressure to the downside has eased. “
Next 1-3 weeks: “There is not much to add to our update yesterday (Dec 1, USD / JPY at 113.40). We continue to have the same opinion that USD / JPY could weaken further, but 112.50 is expected to offer solid support. On the upside, a breakout of the ‘strong resistance’ level at 114.00 (the level was at 114.30 yesterday) would indicate that USD / JPY is not ready to move below 112.50. Looking ahead, a clear breakout of 112, 50 would change the focus to 112.00 “.
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