USD/JPY: Dwindling bets for a move above 133.00 – UOB – by pabspiovano USDJPY Currencies Majors Banks
seems to have lost traction for the time being, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We did not anticipate the sharp drop in USD to 130.46 yesterday . The rapid drop appears to be overdone and USD is unlikely to weaken much further. Today, USD is more likely to trade between 130.20 and 132.20.”
Next 1-3 weeks: “Our latest narrative was from Monday where the outsized advance in USD last Friday and the corresponding sharp increase in upward momentum suggest it could rise further. We indicated, the levels to watch are at 133.35 and 134.75. While USD subsequently soared to a high of 132.90, it dropped sharply yesterday and closed lower by 1.21% . The price actions suggest the prospect of USD rising to 133.35 has decreased. However, only a breach of 130.
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