In the opinion of UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang, a further decline in USDJPY should find solid support around 138.00 short term.
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24 hour view: “Yesterday we highlighted that “the bounce amid oversold conditions suggests USDJPY is unlikely to weaken much further” and we expect USDJPY to “trade between 138..40 and 140.30″. USDJPY subsequently traded in a range wider than expected (138.56/140.73) before closing at 139.88 (+0.79%).Underlying tone has improved a bit and USDJPY is likely to rally today, but it is unlikely to break 141.00.To the downside, the Support is at 139.90, but only a break of 139.40 would indicate that the current slight upside bias has abated.”
Next 1-3 weeks: “Yesterday (Nov 14, USDJPY at 139.05), we held the view that while further USDJPY weakness is not ruled out, any further decline is likely to come at a slower pace with major support at 138.00 expected.” offer solid support. Our view has not changed. To the upside, a break of “strong resistance” at 141.00 would indicate that USDJPY is unlikely to weaken 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.
