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3 Mar 2020

USD/JPY faces some choppy trading in the near-term – UOB

While further pullbacks are not ruled out, USD/JPY is seen attempting to consolidate in the short-term horizon, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD opened on a weak note yesterday but rebounded strongly and rapidly. Downward momentum has eased and the current movement is viewed as a consolidation phase. While USD is likely to trade sideways for today, the immediate bias is for it to probe to the top of the expected 107.80/109.20 range first.”

Next 1-3 weeks: “We expected ‘further USD weakness’ last Friday (28 Feb, spot at 109.50) but clearly did not anticipate the outsized plunge that led to a low of 107.49. Such large 1-day decline (the -1.38% drop last Friday is the largest in 33 months) is rare and while further weakness is not ruled out, the odds for a sustained drop below 106.30 are not high. Meanwhile, USD could continue to trade in a choppy manner over the next few days and only a move back above 110.00 (‘strong resistance’ level was at 110.45 last Friday) would indicate the current weakness has stabilized.”

Mar 3, 2020

EUR/JPY Price Analysis: Upside run out of steam near 121.00

EUR/JPY is suffering the increased JPY-buying amidst persistent demand for the safe haven universe, always in response to unabated fears around the Ch
Read more Previous
Mar 3, 2020

US Dollar Index Price Analysis: Further weakness aligns below the 200-day SMA

DXY is alternating gains with losses on Tuesday, looking to reverse the heavy downside pressure seen in past sessions. After breaking below some inter
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