The UOB Group forex strategists see USD/JPY moving lower and a drop below 114.40 could trigger an acceleration of losses on the short-term horizon.
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24 hour view: “We expected USD/JPY to ‘trade between 114.75 and 115.25’ yesterday. USD/JPY subsequently dipped to 114.70 before closing on a soft tone at 114.74 (-0.23%). Downside momentum has improved though not by much and USD/JPY could continue to decline. That said, any decline is expected to be met by strong support at 114.40. Resistance is at 114.95, followed by 115.10.”
Next 1-3 weeks: “Our last narrative was from last Friday (Feb 18, USD/JPY at 115.40) where we highlighted that downside momentum has improved, but USD/JPY has to close below 114.75 before a sustained drop is likely. USD/JPY dipped to 114.70 yesterday before closing at 114.74 (-0.23%) Downside momentum has slightly improved and there is room for USD/JPY to move lower Looking ahead, USD/ JPY has to break the strong support at 114.40 before a more sustained decline can be expected.Next support is at 114.15.On the upside, a break of 115.30 (‘strong resistance level’ was at 115.55 yesterday) would indicate that the current slight downward pressure has eased.”
Source: Fx Street

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