According to FX Strategists at UOB Group, USD/JPY risks a potential move to 108.40 and below in the short-term horizon. Key Quotes 24-hour view: “Our expectations for USD to ‘weaken further’ did not materialize as it traded in a surprisingly quiet manner between 108.74 and 109.09. Downward momentum has clearly waned but there is still room for USD to edge lower. That said, the major support at 108.40 is likely out of reach for today. Resistance is at 109.10 followed by 109.30.” Next 1-3 weeks: “We have held a negative view in USD for more than a week now. In our latest narrative from Monday (12 Apr, spot at 109.65), we highlighted that ‘downside risk in USD is still intact but chance for a sustained decline below 109.00 is not high’. In other words, we did not quite anticipate the sudden sharp decline yesterday and the ease by which USD cracked 109.00 earlier. The vastly improved momentum indicates that the pullback that started earlier last week could extend to 108.40, with lower odds for extension to 108.00. Overall, USD is deemed to be under pressure as long as 109.60 is not breached (‘strong resistance’ level was at 110.35 yesterday).” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Asian Stock Market: Sino-American tension, vaccine woes dampen sentiment FX Street 2 years According to FX Strategists at UOB Group, USD/JPY risks a potential move to 108.40 and below in the short-term horizon. Key Quotes 24-hour view: "Our expectations for USD to 'weaken further' did not materialize as it traded in a surprisingly quiet manner between 108.74 and 109.09. Downward momentum has clearly waned but there is still room for USD to edge lower. That said, the major support at 108.40 is likely out of reach for today. Resistance is at 109.10 followed by 109.30." Next 1-3 weeks: "We have held a negative view in USD for more than a week now. In… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
