The outlook for USD/JPY continues to signal a probable drop towards the 126.35 level in the coming weeks, according to Lee Sue Ann, UOB Group Economist, and Quek Ser Leang, Market Strategist.
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24 hour view: “We expected USD/JPY to “trade within a 127.85/129.05 range” yesterday. USD/JPY subsequently traded between 127.98 and 129.13 before closing at 128.13 (-0.32%). Prices appear to continue to consolidate and we expect USD/JPY is trading between 127.40 and 129.40 today.”
Next 1-3 weeks: “Not much to add to our update for Monday (Jan 16, USD/JPY at 128.00). As we have highlighted, the risk to USD/JPY remains to the downside, and the next level to watch is 126.35.” To the upside, breaking above 130.05 (no change at the “strong resistance” level) would indicate that USD/JPY does not weaken further.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
