FX Strategists at UOB Group remain bearish on USD/JPY and noted the probability of a move to 105.00 in the near-term. Key Quotes 24-hour view: “The sudden and sharp plunge in USD that sent it a low of 105.96 came as a surprise. While severely oversold, the decline is not showing sign of stabilization just yet. From here, barring a move above 106.80 (minor resistance is at 106.50), USD could weaken further to 105.60.” Next 1-3 weeks: “While we indicated yesterday (05 Mar, spot at 107.75) that ‘further USD weakness is not ruled out’, we were of the view the ‘odds for a sustained drop below 106.30 are not high’. However, USD abruptly nose-dived lower and hit an overnight low of 105.96 (aside from last Friday’s -1.38% 1-day drop, yesterday’s -1.26% decline is the largest since August last year). From here, the next support of note is not until 105.00 but it is left to be seen whether the current momentum can carry USD to this level. Meanwhile, volatility could remain elevated but only a break of 107.30 (‘strong resistance’ level was at 108.70 yesterday) would indicate that the current weakness has stabilized.” 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 Canada: Job market to cool – TDS FX Street 3 years FX Strategists at UOB Group remain bearish on USD/JPY and noted the probability of a move to 105.00 in the near-term. Key Quotes 24-hour view: “The sudden and sharp plunge in USD that sent it a low of 105.96 came as a surprise. While severely oversold, the decline is not showing sign of stabilization just yet. From here, barring a move above 106.80 (minor resistance is at 106.50), USD could weaken further to 105.60.” Next 1-3 weeks: “While we indicated yesterday (05 Mar, spot at 107.75) that ‘further USD weakness is not ruled out’, we were of the view the… 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.