In view of FX Strategists at UOB Group, extra gains in USD/JPY looks unlikely for the time being. Key Quotes 24-hour view: “We held the view last Friday that “USD could weaken to 108.35, possibly 108.10″. However, USD only dipped to 108.37 before ending the day at 108.42. The weak opening this morning suggests the short-term risk is on the downside. From here, barring a move above 108.70, USD is expected to test the 108.10 support. For today, the prospect for a sustained decline below this level is not high”. Next 1-3 weeks: “While our ‘strong support’ level at 108.10 is still intact, the weak daily closing last Friday (108.42, -0.21%) is enough to indicate that the USD strength that started more than a week ago has run its course. The price action was not surprising as we cautioned last Friday (18 Oct, spot at 108.65) that the “odds for further USD strength have diminished”. From here, USD is likely to consolidate and trade sideways within a 107.80/109.00 range. Looking ahead, there is no pre-indication on which side of the trading range is more vulnerable”. 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 DUP’s Shannon: We cannot support customs union amendment FX Street 3 years In view of FX Strategists at UOB Group, extra gains in USD/JPY looks unlikely for the time being. Key Quotes 24-hour view: "We held the view last Friday that "USD could weaken to 108.35, possibly 108.10". However, USD only dipped to 108.37 before ending the day at 108.42. The weak opening this morning suggests the short-term risk is on the downside. From here, barring a move above 108.70, USD is expected to test the 108.10 support. For today, the prospect for a sustained decline below this level is not high". Next 1-3 weeks: "While our 'strong support' level at 108.10… 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.
