UOB Group’s FX Strategists noted USD/JPY risks a potential drop to the 108.40 zone and probably below in the next weeks. Key Quotes 24-hour view: “Yesterday, we highlighted that ‘downward momentum has clearly waned but there is still room for USD to edge lower’. We added, ‘the major support at 108.40 is likely out of reach’. Our view was not wrong as USD edged down to 108.60. Downward momentum has waned further and USD is unlikely to weaken. For today, USD is more likely to trade sideways between 108.60 and 109.15.” Next 1-3 weeks: “There is not much to add to our latest narrative from two days ago (14 Apr, spot at 108.85). As highlighted, the pullback in USD that started earlier last week could extend to 108.40. Extension to 108.00 is not ruled out but the odds are lower. On the upside, a break of 109.40 (‘strong resistance’ level previously at 109.60) would indicate that the current downward pressure has eased.” 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 USD/CNY turns the corner and looks higher to 6.55 in the next months – Danske Bank FX Street 2 years UOB Group's FX Strategists noted USD/JPY risks a potential drop to the 108.40 zone and probably below in the next weeks. Key Quotes 24-hour view: "Yesterday, we highlighted that 'downward momentum has clearly waned but there is still room for USD to edge lower'. We added, 'the major support at 108.40 is likely out of reach'. Our view was not wrong as USD edged down to 108.60. Downward momentum has waned further and USD is unlikely to weaken. For today, USD is more likely to trade sideways between 108.60 and 109.15." Next 1-3 weeks: "There is not much to add… 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.
