USD/JPY: A supported downfall looks likely underneath 148.90 – UOB

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Further misfortunes in USD/JPY shows up on the cards once 148.90 is penetrated, as per UOB Gathering’s Business analyst Lee Sue Ann and Markets Planner Quek Ser Leang.

Key Statements

24-hour view: We showed keep going Friday that “as long as USD stays underneath 151.30, it could debilitate yet is probably not going to break plainly beneath 150.10.” The expected USD shortcoming surpassed our assumptions as USD broke beneath 150.10 and dove to a low of 149.12. USD bounced back from the low, and this joined with oversold conditions proposes USD is probably not going to debilitate further. Today, USD is bound to exchange a reach, most likely somewhere in the range of 149.40 and 150.60.

Next 1-3 weeks: After USD pulled back early last week, we featured last Wednesday (15 Nov, spot at 150.55) that “the new development in vertical strain has blurred”, and we anticipated that USD should exchange a scope of 149.50/151.65. On Friday, USD broke beneath 149.50 prior to bouncing back rapidly from a low of 149.18. The expansion in descending force isn’t sufficient to recommend that USD is prepared to head lower in a supported way. USD should break plainly beneath the significant help close to 148.90 before a supported downfall is probable. However long USD doesn’t break above 151.10 in the following couple of days, the probability of a reasonable break beneath 148.90 will stay set up.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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