OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/JPY: Extra upside above 110.67 loses traction – UOB

FX Strategists at UOB Group hinted at the idea that further gains above the 110.70 region in USD/JPY appears to be losing consensus.

Key Quotes

24-hour view: “Our expectation for USD to ‘trade sideways’ yesterday was not wrong even though the registered range of 110.02/1110.21 was narrower than our expected range of 110.00/110.35. Momentum indicators are still mostly neutral and USD could continue to trade sideways for now. Expected range for today, 110.00/110.35.”

Next 1-3 weeks: “After breaking above the major 109.75 resistance earlier last week, the gain made by USD has been relatively modest as it touched 110.28 last Friday. Despite the lack of ‘urgency’ after breaking a major resistance, the risk is still clearly on the upside. However, the lackluster price action suggests the prospect for a sustained rise above the next strong resistance at 110.67 is not high. On the downside, only a breach of 109.45 (no change in ‘strong support’ level) would indicate the current USD strength has run its course.”

US Dollar Index Price Analysis: Failure at 97.70 could spark some correction

The index met a tough hurdle in the 97.70 region, where sits the key 200-day SMA and so far yearly highs. A breakout of this area on a convincing fash
Read more Previous

US Treasury Sec. Mnuchin: Coming budget to include new middle-class tax cut

The US Treasury Secretary Mnuchin was reported by Dow Jones news wires, as saying that the coming budget will include new middle-class tax cut. Mnuchi
Read more Next
Start livechat