FX Strategists at UOB Group believe USD/JPY still faces a probable break below the 105.00 level in the next weeks. Key Quotes 24-hour view: “Yesterday, we held the view that USD ‘could grind lower to 104.80’ and ‘the next support at 104.40 is unlikely to come into the picture’. Our view was not wrong as USD dipped to 104.75 before recovering. Downward momentum has eased and for today, USD is expected to consolidate and trade between 104.75 and 105.30.” Next 1-3 weeks: “USD dropped by -0.71% yesterday (closed at 105.37) and downward momentum has improved further. We continue to hold a negative view and as highlighted yesterday (27 Jul, spot at 105.90), ‘the next level to focus on is at 105.00’. In view of the strong downward momentum, a break of 105.00 would not be surprising. That said, shorter-term conditions are oversold and the next support at 104.40 is unlikely to come into the picture so soon. All in, USD has to move above 106.30 (‘strong resistance’ level was at 106.80 yesterday) in order to indicate 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 Silver to surge above $35 after taking a breather – Credit Suisse FX Street 3 years FX Strategists at UOB Group believe USD/JPY still faces a probable break below the 105.00 level in the next weeks. Key Quotes 24-hour view: “Yesterday, we held the view that USD ‘could grind lower to 104.80’ and ‘the next support at 104.40 is unlikely to come into the picture’. Our view was not wrong as USD dipped to 104.75 before recovering. Downward momentum has eased and for today, USD is expected to consolidate and trade between 104.75 and 105.30.” Next 1-3 weeks: “USD dropped by -0.71% yesterday (closed at 105.37) and downward momentum has improved further. We continue to hold… 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.
