12 Jan 2015
USD/JPY might extend its decline to 117.50 levels - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group, explains that the strong downward momentum in USD/JPY suggest the pair might extend its decline towards 117.50 levels.
Key Quotes
"In line with expectations, USD held below the 120.20 resistance (high of 119.88) but the subsequent drop was deeper than expected. Strong downward momentum suggests the current bearish down-leg could extend towards 117.50. Strong resistance is at 118.80 now."
Key Quotes
"In line with expectations, USD held below the 120.20 resistance (high of 119.88) but the subsequent drop was deeper than expected. Strong downward momentum suggests the current bearish down-leg could extend towards 117.50. Strong resistance is at 118.80 now."