26 Mar 2015
USD/JPY immediate pressure is on the downside – UOB
FXStreet (Barcelona) - Analysts at UOB Group view that there is an increasing risk of a sustained USD weakness in the coming weeks, which might keep USD/JPY’s downside under pressure.
Key Quotes
“USD tested the key 119.20 support again yesterday with an overnight low of 119.23. The weak recovery from the low has increased the likelihood of a sustained USD down-move in the coming weeks.”
“However, the current neutral outlook will shift to bearish only upon a clear break below 119.20. A move below 119.20 could lead to a sharp drop towards the next support at 118.15. The next significant support below 118.15 is another 150 pips away at 116.65.”
“On a shorter-term note, the immediate pressure is on the downside and only a move back above 120.00 would indicate that the downward pressure has eased.”
Key Quotes
“USD tested the key 119.20 support again yesterday with an overnight low of 119.23. The weak recovery from the low has increased the likelihood of a sustained USD down-move in the coming weeks.”
“However, the current neutral outlook will shift to bearish only upon a clear break below 119.20. A move below 119.20 could lead to a sharp drop towards the next support at 118.15. The next significant support below 118.15 is another 150 pips away at 116.65.”
“On a shorter-term note, the immediate pressure is on the downside and only a move back above 120.00 would indicate that the downward pressure has eased.”