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USD/JPY needs to breakout the 109.00 level to allow for a more serious rebound, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “The strong surge that sent USD soaring to a high of 108.49 last Friday came as a surprise. While USD subsequently closed at 107.91, it dropped sharply this morning after Fed’s emergency rate cut. Upward pressure has eased somewhat and from here, USD could trade in a volatile manner between 105.50 and 108.50.”

Next 1-3 weeks: “USD jumped to a high of 108.49 last Friday before opening on a weak note this morning. Despite last week’s strong gains and the improved upward momentum, we are not convinced that USD can continue to march higher from here. As highlighted lighted last Friday, ‘only a clear break above 109.00 would indicate the start of a direction move’. Meanwhile, USD could continue to trade in a volatile manner between 103.00 and 109.00 (range narrowed from 101.00/109.00).”

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