Further USD/JPY decline should find initial firm support at 130.15 ahead of 129.80according to Economist Lee Sue Ann and Market Strategist Quek Ser Leang of UOB Group.
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24 hour view: “Yesterday, USD/JPY fell to a low of 130.31. The low is not too far from a major support level of 130.15. Although the bearish momentum has eased a bit, there is a chance that USD/JPY will break 130.15 today The next support at 129.80 is unlikely to be threatened, resistance is at 131.00 and a break of 131.40 would indicate USD/JPY weakness has stabilized.”
Next 1-3 weeks: “In our last update on Wednesday (March 22, USD/JPY at 132.50), we stated that the recent weakness in USD/JPY was over. Our statement was premature, as USD/JPY continues to fall and yesterday hit a low of 130.31 Despite the drop short term conditions remain heavily oversold however there is scope for USD/JPY to weaken further although there are a couple of fairly strong support levels at 130.15 and 129.80 To the upside, a break of 132.50 would suggest that USD/JPY does not weaken further.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
