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15 Apr 2015
USD/JPY bearish below 119.10 – UOB
FXStreet (Barcelona) - Analysts at UOB Group, see short-term downside risks for USD/JPY while below 120.20, further adding that a break below 119.10 would signal resumption of a fresh bearish phase.
Key Quotes
“USD edged below the strong 119.10 support with an overnight low of 119.04. While the subsequent rebound from the low supports our current neutral USD view, there are some early signs that the 2-week sideway consolidation phase is close to an end.”
“However, confirmation of the start of a bearish USD phase is only upon a clear break below 119.10 (say a daily close below this level).”
“On a shorter-term note, the risk is on the downside and only a move back above 120.20 would indicate that the immediate downward pressure has eased.”
“A clear break below 119.10 could lead to a quick move to 118.60 followed by the major support at 118.30.”
Key Quotes
“USD edged below the strong 119.10 support with an overnight low of 119.04. While the subsequent rebound from the low supports our current neutral USD view, there are some early signs that the 2-week sideway consolidation phase is close to an end.”
“However, confirmation of the start of a bearish USD phase is only upon a clear break below 119.10 (say a daily close below this level).”
“On a shorter-term note, the risk is on the downside and only a move back above 120.20 would indicate that the immediate downward pressure has eased.”
“A clear break below 119.10 could lead to a quick move to 118.60 followed by the major support at 118.30.”