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USD/JPY: Risk of a possible fall to 126.35 – UOB

Further decline could force USD/JPY to retest the 126.35 level in the short term, according to the economist Lee Sue Ann and the market strategist Quek Ser Leang of the UOB Group.

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24 hour view: We highlighted yesterday that “downside momentum appears to be slowing and this, coupled with deep oversold conditions, suggests that USD/JPY is unlikely to weaken much further” and we expected USD/JPY to “trade between 127.40 and 129.25.” Subsequently, USD/JPY fell to 127.21 and bounced to a high of 128.86 before settling at 128.54 (+0.52%).We view the price action as part of a consolidation and expect USD/JPY to trade range-bound today. 127.85/129.05″.

Next 1-3 weeks: “Not much to add to our update from yesterday (Jan 16, USD/JPY at 128.00). As we highlighted, “USD/JPY risk 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 will not weaken further.”

Source: Fx Street

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