Economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang point out that the probability of USD/JPY moving above the 133.00 barrier now appears to have lost some momentum.
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24 hour view: “We expected USD/JPY to trade between 130.20 and 132.20 yesterday. We do not anticipate the sharp decline in volatility as USD/JPY traded within a relatively tight range of 130.59/131.53.” The underlying tone has firmed, but while USD/JPY is likely to rise, a break of 132.20 is unlikely. Support is at 131.00, followed by 130.65″.
Next 1-3 weeks: “Not much to add to our update from yesterday (Feb 8, USD/JPY at 130.90). As we noted, while the outlook for USD/JPY remains positive, the chance of a rally to 133.35 has diminished. Overall , only a break of 130.20 (no change at the “strong support” level) would indicate that USD/JPY does not advance 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.
