USD/JPY: Solid support is seen at 141.60 – UOB – by pabspiovano USDJPY Currencies Majors Banks
should face strong support around 141.60 ahead of 140.95, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: The outsized selloff of 1.38% last Friday came as a surprise . The rapid drop is severely oversold and USD is unlikely to weaken much further. Today, USD is more likely to consolidate and trade in a range of 142.00/143.30.
Next 1-3 weeks: Last Thursday , we noted that “the USD strength is struggling to maintain its momentum, and the chance for extension to 145.50 appears low”. After USD fell below our ‘strong support’ level of 143.90, we indicated on Friday that “the 3-week USD strength has ended” and we expected USD to trade in a range between 142.90 and 145.00. We did not anticipate the sharp pullback in USD that led to an outsized drop of 1.38% . The 1.38% decline is the largest 1-day drop in about four months.
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