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Jan 24 - 11:00 AM

USD/JPY: Risk Has Shifted To The Downside; Levels To Watch - UOB

Published on Jan 24 - 09:09 AM

UOB Research discusses USD/JPY technical outlook and shifts its tactical bias to downside in the near-term.

"The breach of 109.45 (low: 109.25) overnight has indicated that the current USD strength has run its course and the risk now shifts to the downside. The next strong support is at 109.15 followed by the big figure 109.00 which is unlikely to come into the picture as yet," UOB notes. 

"On the topside, immediate resistance is in the vicinity of overnight highs at 109.86 and only a further recovery above 110.00 would indicate that the current phase of weakness has ended," UOB adds. 

Source:
UOB Research/Market Commentary

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