FX Strategists at UOB Group still see USD/JPY facing downside risks in the next weeks. Key Quotes 24-hour view: “We highlighted yesterday that ‘risk for USD is on the downside but 106.60 could be strong enough to check any weakness’. While USD did not take out 106.60, the robust recovery from 106.84 was not expected. Downward pressure has dissipated and the current movement is viewed as part of an on-going consolidation phase. In other words, USD is expected to trade sideways for today, likely between 107.10 and 108.05.” Next 1-3 weeks: “USD eked out a fresh 5-month low of 106.84 yesterday (04 Mar) before rebounding strongly. The price action is not out of line with our view from Monday (02 Mar, spot at 107.75) that ‘while further USD weakness is not ruled out, the odds for a sustained drop below 106.30 are not high’. That said, the downside risk remains intact unless USD can take out the ‘strong resistance’ at 108.70 (level was previously at 110.00).” 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 Price Analysis: Climbs back closer to weekly tops, around $1650 region FX Street 2 years FX Strategists at UOB Group still see USD/JPY facing downside risks in the next weeks. Key Quotes 24-hour view: “We highlighted yesterday that ‘risk for USD is on the downside but 106.60 could be strong enough to check any weakness’. While USD did not take out 106.60, the robust recovery from 106.84 was not expected. Downward pressure has dissipated and the current movement is viewed as part of an on-going consolidation phase. In other words, USD is expected to trade sideways for today, likely between 107.10 and 108.05.” Next 1-3 weeks: “USD eked out a fresh 5-month low of 106.84… 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.
