USDJPY: Bears expected to find support at 137.60 – UOB

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A further USDJPY decline cannot be ruled out at this timecomment economist Lee Sue Ann and market strategist Quek Ser Leang from UOB Group.

24 hour perspective: “The USD traded volatilely as it ranged wildly between 137.37 and 140.62 before settling at 139.29 (-0.42%). Choppy price actions have led to a mixed outlook and the USD could continue to trade lower volatile, expected to be between 138.35 and 140.35.”

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Next 1 to 3 weeks: “Our last reading was on Monday (Nov 14, pair at 139.05), where we expected further USD weakness, albeit at a slower pace. We indicate that the 138.00 level is expected to offer solid support. However, yesterday the dollar briefly fell below 138.00 (137.67 low) before rebounding strongly. Further weakness is not ruled out, but strong support at 137.60 might not appear anytime soon, if it does. To the upside, a break of 140.80 (strong resistance level was yesterday at 141.00) would indicate that the USD is unlikely to weaken further.”

Source: Fx Street

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