USD/JPY: There is room for further losses in the short term – UOB

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There are still some chances that the USD/JPY could weaken further in the short term, according to Quek Ser Leang, a market strategist for UOB Group, and Peter Chia, senior currency strategist.

24 hour perspective: “Yesterday we highlighted that the outlook was mixed and we expected the USD to trade in a swing between 132.30 and 134.30. We do not anticipate a sharp drop in USD/JPY in the near term. We do not anticipate the sharp fall to 131.71 and the sharp rebound from the low (USD closed 0.24% higher at 133.72) Outlook remains mixed and today we expect the USD to trade in a wide range between 132.50 and 134.50“.

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Next 1-3 weeks: “We continue to hold the same view as yesterday (March 16, pair at 133.40) that while there is room for further weakness in the USD, main support at 131.50 is unlikely to appear anytime soon. Note that the USD fell briefly as high as 131.71 early in the New York session before bouncing hard. just a break of 135.10 (no change to ‘heavy resistance’) would indicate that 131.50 is not in sight“.

Source: Fx Street

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