Further consolidation is the most likely scenario for USD/JPY in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “While we held the view yesterday that “a break of 107.00 would come as a surprise”, the rapid retreat in USD from a high of 106.68 was not exactly expected (USD dropped to a low of 106.16). Despite the relatively rapid decline, downward momentum has not improved by much. That said, there is scope for USD to test 106.00 first (next support at 105.80) before the current mild downward pressure should eased. Resistance is at 106.45 followed by yesterday’s high near 106.70. The solid 107.00 level is likely to remain unchallenged for now”. Next 1-3 weeks: “USD touched 105.03 earlier last week (12 Aug) before staging an outsized and rapid rebound that hit 106.97. While downward pressure has eased and the 105.03 low could be a short-term bottom, it is too early to expect a sustained recovery. Mixed indicators suggest USD could trade sideways for period and only a clear break out of the expected 105.50/107.30 sideway trading range would indicate that USD is ready for a sustained directional move”. 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 Gold slips below $1500 mark amid improving risk sentiment FX Street 4 years Further consolidation is the most likely scenario for USD/JPY in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "While we held the view yesterday that "a break of 107.00 would come as a surprise", the rapid retreat in USD from a high of 106.68 was not exactly expected (USD dropped to a low of 106.16). Despite the relatively rapid decline, downward momentum has not improved by much. That said, there is scope for USD to test 106.00 first (next support at 105.80) before the current mild downward pressure should eased. Resistance is at 106.45 followed… 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.
