Abstract:USD/JPY: Short-term top in place? – UOB
UOB Groups FX Strategists noted USD/JPY could have reached a short-term peak.
Key Quotes24-hour view: “Yesterday, we expected USD to ‘trade sideways between 109.10 and 109.50’. USD subsequently dipped to 108.99 before closing slightly lower at 109.08 (-0.09%). Downward momentum has improved a tad and the bias for today is tilted to the downside. However, any weakness is likely limited to a test of 108.80. The strong support at 108.55 is unlikely to come under threat. Resistance is at 109.30 followed by 109.45.”
Next 1-3 weeks: “In our narrative from Tuesday (04 May, spot at 109.10), we indicated that ‘there is scope for the current USD strength to extend to 109.95’. We added, ‘the prospect for such a move is not high for now’. Since then, USD has not been able to make any headway on the upside. Shorter-term momentum is beginning to shift to the downside and the risk of a short-term top has increased. However, only a break of 108.55 (no change in ‘strong support’ level) would indicate that the positive phase that started late last week has ended.”
==========
WikiFX, a global leading broker inquiry platform!
Use WikiFX to get free trading strategies, scam alerts, and experts experience!
╔════════════════╗
Android : cutt.ly/Bkn0jKJ
iOS : cutt.ly/ekn0yOC
╚════════════════╝
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Easy Trading Online Broker Proud to be a trusted Forex trading platform. Fulfilling all the mentioned criteria, we provide: A trading platform that is easy to use and understand. Advanced market analysis tools To help you keep track of market changes and make effective trading decisions. Competitive trading fees It will help you save on your expenses. Professional customer support team Always available to advise when in doubt 24/7.
Easy Trading Online, a leading global CFDs broker regulated by ASIC, won the Best Online Trading Services Award at the BrokersView 2024 Award for Brokers with Outstanding Assessment·Middle East in Dubai. The award recognizes their excellence in trading services, leveraging technology and ensuring liquidity.
The Traders Fair Thailand 2024 was successfully held at Bangkok Shangri-La Hotel on February 3rd. As an exhibitor and sponsor, Easy Trading online attended the Expo with professional service team and extraodinary online trading experience on FX & CFDs.
Easy Trading Online, global CFDs & FX broker, is excited to announce its platinum sponsorship of the "Demo Trading World Cup Season 2." This sponsorship not only reinforces Easy Trading Online's commitment to the forex trading community but also highlights its status as nominated as one of the “the hottest brokers” and “the most popular brokers”in the popularity polls.