Sharp drop in US Greenback (USD) has scope to increase in opposition to Japanese Yen (JPY), however any decline could not break beneath 145.80, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Sharp drop in USD/JPY has scope to increase
24-HOUR VIEW: “USD traded in a spread of 146.96/147.88 two days in the past. Within the early Asian session yesterday, we highlighted that ‘the value actions nonetheless look like a part of a consolidation section, probably between 146.90 and 148.00.’ USD then fluctuated between 146.66 and 147.71 earlier than settling at 147.10 (-0.17%). The worth motion offers no contemporary clues, and we anticipate USD to commerce in a spread of 146.60/147.70 at the moment.”
1-3 WEEKS VIEW: “In our most up-to-date narrative from Monday (04 Aug, spot at 147.25), we highlighted that ‘the sharp drop in USD from final Friday has scope to increase.’ Nonetheless, we identified that ‘any decline could not break beneath 145.80.’ We proceed to carry the identical view. General, solely a breach of 148.25 (‘robust resistance’ degree was at 148.60) would point out that the scope for the sharp drop to increase has pale.”
