USD/JPY: Extra losses look likely below 129.60 – UOB – by pabspiovano USDJPY Currencies Majors Banks
now appears on the cards below the 129.60 level, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We highlighted last Friday that ‘there is potential for USD to break 130.15’ but we were of the view that ‘the next support at 129.80 is unlikely to come under threat’. The anticipated USD weakness exceeded our expectations as USD dropped to 129.67 and then rebounded strongly to end the day little changed at 130.69 .
Next 1-3 weeks: “Last Friday , we stated that ‘there is room for USD to weaken further though there are a couple of rather solid support levels at 130.15 and 129.80’. We did not expect the sharp but short-lived decline as USD dropped to 129.67 before rebounding strongly. Further USD weakness is not ruled out but USD has to break and stay below 129.60 before further decline is likely. The likelihood of USD breaking clearly below 129.60 will remain intact as long as it does not move above 132.00 .
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