A break of the 114.75 level could put USD/JPY under further downward pressure. on the short-term horizon, currency strategists at UOB Group say.
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24 hour view: “Although we expected USD/JPY to weaken yesterday, we are of the opinion that ‘sustained drop below 115.20 looks unlikely’. Subsequent weakness exceeded our expectations as USD/JPY tumbled to 114.83. exaggerated and USD/JPY is unlikely to weaken much further. For today, USD/JPY is more likely to move between 114.75 and 115.25.”
Next 1-3 weeks: “We have held the same view since Monday (Feb 14, USD/JPY at 115.40) that USD/JPY is likely to trade between 114.75 and 116.05. After trading sideways for a few days, USD/JPY has slumped to 114.83 during the American session.While downward momentum has improved, USD/JPY has to close below 114.75 before a sustained decline is likely.The likelihood of USD/JPY closing below 114.75 would remain intact as long as it doesn’t move above 115.55 in these two days. Looking ahead, the next support below 114.75 is at 114.40.”
Source: Fx Street

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