• USD/JPY keeps the mixed outlook unchanged - UOB

Market news

30 July 2021

USD/JPY keeps the mixed outlook unchanged - UOB

FXStreet reports that UOB Group’s FX Strategists note that USD/JPY is still expected to navigate within the 109.20/110.60 range in the next weeks.

24-hour view: “We expected USD to weaken yesterday but we were of the view that ‘any decline is not expected to break the support at 109.50’. The subsequent weakness exceeded our expectations as USD took out 109.50 and dropped to 109.41. While the decline is oversold, further USD weakness is not ruled out. However, a break of the major support at 109.20 is unlikely.”

Next 1-3 weeks: “...USD could trade within a 109.20/110.60 range for now. While shorter-term downward momentum has improved somewhat, USD has to close below 109.05 before a sustained decline can be expected. The prospect for USD to close below 109.05 is not high but it would remain intact as long as USD does not move above 110.00 within these few days.”


Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer
Open Demo Account & Personal Page
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.