A rally above the 141.00 region in USD/JPY appears to be losing momentum at the moment.comment UOB Group Economist Lee Sue Ann and Market Strategist Quek Ser Leang.
Featured Comments
24 hour view: “Yesterday we highlighted that “the bias for USD/JPY is to the downside, but any decline is expected to face strong support at 139.30.” And we added: “Resistance is at 140.20, followed by 140.40.” USD/JPY fell to 139.30 during the Asian session, peaked at 140.37, and then fell to a low of 139.22 during the New York session.USD/JPY continues to fall in the early hours today and the trend remains bearish. However, a break below 138.30 is not expected. Resistance is at 139.60, followed by 140.00″.
Next 1-3 weeks: “Our update from yesterday (May 31, USD/JPY at 139.80) still stands. As highlighted, the sharp pullback from 140.93 and waning momentum suggest that USD/JPY is unlikely to break above 141.00 this time. From here, USD/JPY is likely to trade in a range between 137.00 and 141.00.”
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.
