FX Strategists at UOB Group do not rule out a move lower in USD/JPY, although a breach of 106.30 looks unlikely for the time being. Key Quotes 24-hour view: “The sudden and sharp drop in USD came as a surprise. Despite the relatively sharp decline, downward momentum has not improved by as much. However, the risk is clearly on the downside but for today, the 106.60 support could be strong enough to check any weakness in USD (there is another strong support at 106.30). On the upside, USD has to move back above 107.75 in order to indicate the current downside risk has dissipated (minor resistance is at 107.50).” Next 1-3 weeks: “We expected ‘further USD weakness’ last Friday (28 Feb, spot at 109.50) but clearly did not anticipate the outsized plunge that led to a low of 107.49. Such large 1-day decline (the -1.38% drop last Friday is the largest in 33 months) is rare and while further weakness is not ruled out, the odds for a sustained drop below 106.30 are not high. Meanwhile, USD could continue to trade in a choppy manner over the next few days and only a move back above 110.00 (‘strong resistance’ level was at 110.45 last Friday) would 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 USD/CAD Price Analysis: Holds above 200-hour SMA pivotal point ahead of BoC FX Street 3 years FX Strategists at UOB Group do not rule out a move lower in USD/JPY, although a breach of 106.30 looks unlikely for the time being. Key Quotes 24-hour view: “The sudden and sharp drop in USD came as a surprise. Despite the relatively sharp decline, downward momentum has not improved by as much. However, the risk is clearly on the downside but for today, the 106.60 support could be strong enough to check any weakness in USD (there is another strong support at 106.30). On the upside, USD has to move back above 107.75 in order to indicate the current… 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.