USDJPY continuation decline faces stiff containment in the 138.00 region in the short term, economist Lee Sue Ann and market strategist Quek Ser Leang at UOB Group suggest.
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24 hour view: “USDJPY fell to a low of 138.45 in the New York session last Friday before bouncing. The bounce amid oversold conditions suggests that USDJPY is unlikely to weaken much further. For today, it is more likely that USDJPY trades between 138.40 and 140.30″.
Next 1-3 weeks: “Last week, USDJPY lost a whopping 5.32%, its biggest one-week drop since 2008. While further USDJPY weakness is not ruled out, any further decline is likely to come at a slower pace and is expected “Major support at 138.00 offers solid support. To the upside, a break of ‘strong resistance’ at 141.00 would indicate that USDJPY is unlikely to weaken further.”
Source: Fx Street
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