USD/JPY is seen grinding lower and testing the 108.00 region in the next weeks, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “Expectation for USD to “retest 108.25″ was incorrect as it rebounded to 108.85. The rapid rebound appears to be running ahead of itself and further USD strength is not expected. For today, USD is likely to trade sideways, expected to be within a 108.50/108.95 range”. Next 1-3 weeks: “We cautioned on Wednesday (13 Nov, spot at 109.00) that “risk of a short-term top has increased” and added yesterday (14 Nov, spot at 108.80) that “a short-term top is place and USD is likely to trade sideways for a period”. USD subsequently dropped below the bottom of our expected 108.45/109.30 range (low of 108.23) before recovering. The rapid decline has resulted in an improvement in downward momentum and from here, USD is expected to remain under pressure. Only an unlikely move back above 109.15 (‘strong resistance’ level) would suggest that downward pressure eased. Until then, the bias is for USD to trade lower towards 108.00 followed closely by a strong support at 107.85″. 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 EUR/JPY Technical Analysis: regains 120.00 and is flirting with the 21-day SMA near 120.60 FX Street 3 years USD/JPY is seen grinding lower and testing the 108.00 region in the next weeks, according to FX Strategists at UOB Group. Key Quotes 24-hour view: "Expectation for USD to "retest 108.25" was incorrect as it rebounded to 108.85. The rapid rebound appears to be running ahead of itself and further USD strength is not expected. For today, USD is likely to trade sideways, expected to be within a 108.50/108.95 range". Next 1-3 weeks: "We cautioned on Wednesday (13 Nov, spot at 109.00) that "risk of a short-term top has increased" and added yesterday (14 Nov, spot at 108.80) that "a… 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.
