USDJPY: Downside is expected to meet support at 137.60 – UOB
|Extra decline in USDJPY cannot be ruled out for the time being, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: “USD traded in a volatile manner as it swung wildly between 137.37 and 140.62 before settling at 139.29 (-0.42%). The choppy price actions have resulted in a mixed outlook and USD could continue to trade in a volatile manner, expected to be between 138.35 and 140.35.”
Next 1-3 weeks: “Our latest narrative was from Monday (14 Nov, spot at 139.05) where we expected further USD weakness albeit at a slower pace. We indicated that the 138.00 level is expected to offer solid support. However, USD dropped briefly below 138.00 yesterday (low of 137.67) before rebounding strongly. Further weakness is not ruled out, but the solid support at 137.60 may not come into view so soon, if at all. On the upside a break of 140.80 (‘strong resistance’ level was at 141.00 yesterday) would indicate that USD is unlikely to weaken further.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.