The ongoing rebound in USD/JPY has scope to reach the 107.90 area in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “We expected “further USD strength” last Friday but it staged a sharp and rapid drop that touched 106.61. Despite the subsequent strong rebound from the low, momentum indicators are patchy at best. The current price action is viewed as part of consolidation phase. In other words, USD is expected to trade sideways, likely between 106.70 and 107.20″. Next 1-3 weeks: “After trading in an ‘undecided’ manner for several days, USD surged above the top of our expected 105.00/107.00 sideway trading range (high of 107.22). Despite the relatively strong advance, upward momentum has not improved by that much. For now, we view the current movement as a ‘rebound’ that has scope to extend to 107.90. At this stage, the prospect for a sustained rise above 107.90 is not high. On the downside, a break of the strong 106.30 support would indicate the current upward 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 Turkey: CBRT likely to slash the policy rate by 300bps – Rabobank FX Street 4 years The ongoing rebound in USD/JPY has scope to reach the 107.90 area in the near term, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: "We expected "further USD strength" last Friday but it staged a sharp and rapid drop that touched 106.61. Despite the subsequent strong rebound from the low, momentum indicators are patchy at best. The current price action is viewed as part of consolidation phase. In other words, USD is expected to trade sideways, likely between 106.70 and 107.20". Next 1-3 weeks: "After trading in an 'undecided' manner for several days, USD surged above the top… 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.
