According to FX Strategists at UOB Group, USD/JPY could slip back to the 107.20 region in the short-term horizon. Key Quotes 24-hour view: “USD traded between 107.39 and 107.92 yesterday, lower than our expected sideway-trading range of 107.60/108.00. The underlying tone has weakened and the bias for today is for USD to drift lower towards 107.20. In view of the lackluster momentum, the next support at 107.00 is unlikely to come into the picture. Resistance is at 107.75 but the stronger level is still at 108.00.” Next 1-3 weeks: “USD continues to trade in a quiet manner and the build-up in momentum from last week has dissipated. This was not exactly surprising as we indicated last Friday (22 May, spot at 107.70) that the prospect for further USD strength has diminished. The current movement is viewed as part of a consolidation phase and only a daily closing out of the expected 107.00/108.00 range would suggest the start of a more sustained movement in USD. In other words, USD is likely to trade sideways for now.” 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 Preview: A Youth Dialogue with ECB’s Lagarde on the COVID-19 response FX Street 3 years According to FX Strategists at UOB Group, USD/JPY could slip back to the 107.20 region in the short-term horizon. Key Quotes 24-hour view: “USD traded between 107.39 and 107.92 yesterday, lower than our expected sideway-trading range of 107.60/108.00. The underlying tone has weakened and the bias for today is for USD to drift lower towards 107.20. In view of the lackluster momentum, the next support at 107.00 is unlikely to come into the picture. Resistance is at 107.75 but the stronger level is still at 108.00.” Next 1-3 weeks: “USD continues to trade in a quiet manner and the build-up… 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.
