USD/JPY stays on the defensive, looks to 104.00 – UOB

The view on USD/JPY remains negative and could extend the drop to the 104.00 level in the next weeks, in opinion of FX Strategists at UOB Group. Key Q  |  27/10/2020 08:50

The view on USD/JPY remains negative and could extend the drop to the 104.00 level in the next weeks, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we held the view that USD ‘could drift downwards but any weakness is viewed as a lower trading range of 104.40/105.00’. However, USD traded between 104.63 and 105.05 before settling slightly higher at 104.82 (+0.12%). The underlying tone still appears to be soft and we see chance for USD to drift lower from here. That said, a sustained decline below 104.50 is unlikely. Resistance is at 105.05.”

Next 1-3 weeks: “There is not much to add to our latest narrative from last Thursday (22 Oct, spot at 104.65). As highlighted, USD ‘is expected to stay on the defensive but it is left to be seen if it can crack the September’s low near 104.00’. On the upside, a break of 105.40 (no change in ‘strong resistance’ level) would indicate the current downside risk has dissipated.”

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com