The pair USD / JPY could extend the decline to the 109.20 level if it falls below 109.50 in the short term, note the currency strategists at UOB Group.
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24 hour view: “Our expectation for USD / JPY to ‘dip below 109.50’ did not materialize as it rallied to 110.25 (the low was 109.72). The rapid rebound seems to be ahead of itself and USD / JPY is unlikely. get much stronger. For today, USD / JPY is more likely to trade between 109.85 and 110.30. “
Next 1-3 weeks: “We have expected USD / JPY to weaken since the middle of last week. In our last account last Friday (July 9, USD / JPY at 109.85), we highlighted that ‘a clear breakout of 109.50 would open the way for a move lower at 109.20 ‘. There is no change in our opinion for now even though the short-term downside momentum has eased somewhat. Only a breakout of 110.55 (no change in the’ strong resistance ‘level) would indicate that USD / JPY is not ready to break 109.50 yet. “
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