Further downward pressure has the potential to drag the USD/JPY to the 135.00 zone on the short-term horizon, according to FX strategists at UOB Group, Lee Sue Ann, and Quek Ser Leang.
24 hour outlook: “The dollar closed at 136.55 before breaking support at 136.00 during early Asian hours. Downside momentum suggests USD could break major support at 135.55. The next support at 135.00 is probably out of reach for now. Resistance is found at 136.25, followed by 136.55″.
Next 1 to 3 weeks: “USD fell sharply during early Asian hours. Short-term bearish momentum has rapidly improved and the risk for the dollar leans lower towards 135.00. Downside risk is intact as long as the USD does not move above the current strong resistance level at 137.00.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
