The rallies towards the area above 133.00 in USD/JPY seem to have lost traction for nowaccording to Lee Sue Ann, UOB Group Economist, and Quek Ser Leang, Market Strategist.
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24 hour view: “We did not anticipate USD/JPY to drop sharply to 130.46 yesterday (we expected USD/JPY to trade in a range). The rapid decline seems overdone and USD/JPY is unlikely to weaken much further. Today, it is more likely for USD/JPY to trade between 130.20 and 132.20.”
Next 1-3 weeks: “Our last analysis was from Monday (Feb 6, USD/JPY at 132.30), where last Friday’s wild rally in USD/JPY and the corresponding sharp increase in bullish momentum suggest it could continue to rise. We indicate that “ahead levels to watch are at 133.35 and 134.75”. Although USD/JPY subsequently soared to a high of 132.90, it fell sharply yesterday to close lower by 1.21% (NY close at 131.05). Price developments suggest that the outlook USD/JPY to rise to 133.35 have declined. However, only a break of 130.20 (no change at the “strong support” level) would indicate that USD/JPY would not advance further.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
