The perspective of USD/JPY remains sloping down with the next major target in the 1 zone04.00, noted FX strategists in the UOB Group.
24 hour perspective: “The sudden sharp pullback in the dollar came as a surprise. The huge drop looks like it is being anticipated, but it still doesn’t show any signs of stabilization. From there, there is scope for the USD to test support at 104.20 first before current weakness stabilizes. Resistance is at 104.90 followed by 105.10“.
Next 1-3 weeks: “After operating quietly for several days, the USD jumped and fell to a minimum of 104.32. While the sudden and steep decline appears to be coming on ahead, it cannot be denied that the downward momentum has improved considerably. However, it remains to be seen whether the dollar can break the September low near 104.00. Overall, the USD is expected to remain defensive, unless it can break above 105.40 (a ‘strong resistance’ level) “.
Credits: Forex Street
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