OctaFX | OctaFX Forex Broker
Open trading account

Upside momentum slowing in USD/JPY – UOB

According to FX Strategists at UOB Group, the upside momentum in USD/JPY could be losing some traction, although a move to 112.00 and above still remains on the table.

Key Quotes

24-hour view: “Our expectation for USD to ‘drift lower to 109.50’ was incorrect as USD edged to an overnight high of 111.71 before easing off. Despite rising to a fresh high (Monday’s high of 111.59), upward momentum has not improved by much and the risk is still for a pull-back. From here, USD could retest 111.70 but barring a break of 112.20, USD is expected to ease off towards 110.50, possibly 110.00.”

Next 1-3 weeks: “While USD moved above last Friday’s 111.50 high, it retreated quickly after touching 111.59. Upward momentum is showing early sign of tiring but only a break of 108.50 (‘strong support’ level previously at 107.50) would indicate that a temporary top is in place. Until then, another push upwards towards 112.20 is not ruled out just yet.”

JPY Futures: Neutral/Bearish near term

CME Group’s advanced figures for JPY futures markets noted open interest rose by nearly 28.5K contracts on Tuesday, reversing the previous drop. On th
Read more Previous

Gold: Easy money is a boon – ANZ

Gold regained its safe haven appeal with renewed investment demand, strategists at ANZ Research inform. XAU/USD is trading at 1607.32. Key quotes “The
Read more Next
Start livechat