The upside momentum in USD/JPY appears to be running out of steam, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “USD traded between 108.45 and 108.93 yesterday, lower than our expected sideway-trading range of 108.50/109.00. The underlying tone has weakened and the risk for today is tilted to the downside. From here, barring a move above 109.00 (108.85 is already quite a strong level), USD is expected to weaken to 108.35, possibly 108.10″. Next 1-3 weeks: “USD eked out a fresh high of 108.93 before retreating to end the day slightly lower at 108.65 (-0.09%). For now, there is no change in our view from Wednesday (16 Oct, spot at 108.80) wherein the positive USD outlook is still intact and a break of 109.00 would shift the focus to 109.30. However, as highlighted, in view of overbought conditions, USD could ill afford to dither as a consolidation at these elevated levels would quickly increase the risk of short-term top. From here, unless USD cracks 109.00 and stays above this level by end of today’s NY session, a breach of 108.10 (no change in ‘strong support’ level) would indicate a short-term top is in place. In other words, the odds for further USD strength have diminished”. 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 Wilson: Will encourage Conservative lawmakers to oppose Johnson’s deal FX Street 3 years The upside momentum in USD/JPY appears to be running out of steam, noted FX Strategists at UOB Group. Key Quotes 24-hour view: "USD traded between 108.45 and 108.93 yesterday, lower than our expected sideway-trading range of 108.50/109.00. The underlying tone has weakened and the risk for today is tilted to the downside. From here, barring a move above 109.00 (108.85 is already quite a strong level), USD is expected to weaken to 108.35, possibly 108.10". Next 1-3 weeks: "USD eked out a fresh high of 108.93 before retreating to end the day slightly lower at 108.65 (-0.09%). For now, there… 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.