Currency strategists at UOB Group comment that there is still expect more declines around USD / JPY in the coming weeks.
Key Comments:
24 hour view: “Our expectation that ‘the USD / JPY dip will test 107.90 first before stabilizing’ did not materialize, as it moved between 107.95 and 108.54 before closing little changed at 108.05 (-0.06%). The outlook for the USD / JPY still appears to be weak, but any weakness is unlikely to challenge the main support at 107.65 (107.80 is already quite a strong level). Resistance is at 108.30 followed by 108.55 “.
Next 1-3 weeks: “We continue to hold the same opinion as yesterday (April 20, USD / JPY at 108.15). As highlighted, USD / JPY is likely to weaken further, but main support at 107.65 may not enter the scene so soon. On the upside, a breakout of 108.85 (no change at the ‘strong resistance’ level) would indicate that the pullback in USD / JPY that started about 2 weeks ago is over. Looking ahead, the next support below 107.65 is at 107.30 ”.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
