The negative view in USD/JPY is seen alleviated on a break above 105.20, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted last Friday that ‘the decline is severely oversold but there is room for USD to dip below 107.50 first before a more sustained rebound can be expected’. We added, ‘last month’s low at 104.16 is not expected to come into the picture’. Our view was not wrong as USD dropped to 104.25 before rebounding to end the day at 104.55 (-0.17%). Downward pressure has eased and USD is likely to consolidate and trade sideways for today, expected to be between 104.30 and 104.75.” Next 1-3 weeks: “We have held a negative view in USD since early last week (see annotations in the chart below) and in our latest update from last Thursday (17 Sep, spot at 105.00), we highlighted that ‘the outlook remains weak’ and we were of the view that ‘the July’s low of 104.16 may be out of reach this time round’. However, downward momentum has been stronger than expected as USD dropped to a low of 104.25 last Friday. From here, USD could dip below 104.16 but oversold conditions suggest that a sustained decline below this level is unlikely (next support is at 103.80). All in, the weakness in USD appears to be overstretched but only a break of 105.20 (‘strong resistance’ level was previously at 105.50) would indicate that the negative phase has run its course.” 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 UK’s Shapps on coronavirus: We are at a very critical moment FX Street 2 years The negative view in USD/JPY is seen alleviated on a break above 105.20, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “We highlighted last Friday that ‘the decline is severely oversold but there is room for USD to dip below 107.50 first before a more sustained rebound can be expected’. We added, ‘last month’s low at 104.16 is not expected to come into the picture’. Our view was not wrong as USD dropped to 104.25 before rebounding to end the day at 104.55 (-0.17%). Downward pressure has eased and USD is likely to consolidate and trade sideways for… 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.