#USDJPY @ 132.125 still faces some range bound trade – UOB
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
USD/JPY is still expected to remain within the 130.50-134.50 consolidative range for the time being, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
24-hour view: “We highlighted yesterday that the ‘oversold weakness in USD could extend to 131.50 first before stabilization is likely’. We added, ‘the next support at 131.00 is unlikely to come into view’. Our view was not wrong as USD dropped to 131.29 before rebounding. While downward pressure has eased, USD could drift lower today. However, the support 131.00 is still unlikely to come into view. Resistance is at 132.50, followed by 133.00.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (09 Jan, spot at 132.10). As highlighted, after the sharp drop last Friday, USD is likely to trade within a broad range of 130.50 and 134.50 instead of rebounding further.”
[/s2If]
Join Our Telegram Group
