9 Apr 2014
USD/JPY immediately pressured to the downside - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group notes that USD/JPY may face downside pressures in the near term.
Key Quotes
"While USD plunged below the bottom of our expected neutral trading range at 101.70, we are cautious of turning overly bearish at current level in view of the strong support that are stacked closely near 101.20/40.”
“Having said that, the immediate pressure remains on the downside and only a break above 103.00 would indicate that the down-move has stabilized. In other words, the outlook is still considered as neutral but will shift to bearish with a clear break of 101.20."
Key Quotes
"While USD plunged below the bottom of our expected neutral trading range at 101.70, we are cautious of turning overly bearish at current level in view of the strong support that are stacked closely near 101.20/40.”
“Having said that, the immediate pressure remains on the downside and only a break above 103.00 would indicate that the down-move has stabilized. In other words, the outlook is still considered as neutral but will shift to bearish with a clear break of 101.20."