FX Strategists at UOB Group noted extra gains in USD/JPY now look under pressure. Key Quotes 24-hour view: “Our expectation for USD to ‘grind higher to 109.50’ was incorrect as it fell sharply to an overnight low of 108.40 (high has been 109.23). Upward momentum has more or less dissipated and the current movement is viewed as part of a consolidation phase. In other words, USD is expected to trade sideways, likely within a 108.30/108.95 range.” Next 1-3 weeks: “We have expected USD to move higher for more than a week now. In our latest narrative from yesterday (09 Mar, spot at 109.10), we held the view that ‘the outlook for USD is still clearly positive and the next level to focus on is at 109.85’. USD subsequently rose to a fresh high of 109.23 but the advance was short-lived as it fell sharply to an overnight low of 108.40. Rapid loss in shorter-term momentum has diminished the odds for further USD strength but only a break of 108.00 (no change in ‘strong support’ level) would indicate that 109.23 is the extent of the current positive phase in USD.” 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 S&P 500 Index: Break above downtrend injects an upward bias – Credit Suisse FX Street 1 year FX Strategists at UOB Group noted extra gains in USD/JPY now look under pressure. Key Quotes 24-hour view: "Our expectation for USD to 'grind higher to 109.50' was incorrect as it fell sharply to an overnight low of 108.40 (high has been 109.23). Upward momentum has more or less dissipated and the current movement is viewed as part of a consolidation phase. In other words, USD is expected to trade sideways, likely within a 108.30/108.95 range." Next 1-3 weeks: "We have expected USD to move higher for more than a week now. In our latest narrative from yesterday (09 Mar,… 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.
