USD/JPY: Risk Has Shifted To The Downside; Levels To Watch – UOB

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Dollar/yen has come under pressure as the coronavirus is spreading all over the world. How far can the safe-haven Japanese yen go?

Here is their view, courtesy of eFXdata:

UOB Research discusses USD/JPY technical outlook and shifts its tactical bias to downside in the near-term.

“The breach of 109.45 (low: 109.25) overnight has indicated that the current USD strength has run its course and the risk now shifts to the downside. The next strong support is at 109.15 followed by the big figure 109.00 which is unlikely to come into the picture as yet,” UOB notes.

“On the topside, immediate resistance is in the vicinity of overnight highs at 109.86 and only a further recovery above 110.00 would indicate that the current phase of weakness has ended,” UOB adds.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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