FXTM information and reviews
FXTM
93%
OctaFX information and reviews
OctaFX
92%
XM information and reviews
XM
91%
FXCC information and reviews
FXCC
90%
Libertex information and reviews
Libertex
89%
FxPro information and reviews
FxPro
88%

USD/JPY: Dwindling bets for a drop to 126.00


30 May 2022

The likeliness of USD/JPY to test the 126.00 region in the next weeks now appears diminished, according to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang. Last Friday, USD traded in a relatively quiet manner between 126.66 and 127.25 before closing largely unchanged at 127.11 (-0.02%). The movement is likely part of a consolidation phase and USD is likely to trade sideways even though the slightly firmed underlying tone suggests a higher range of 126.70/127.30.

In our latest narrative from last Wednesday (25 May, spot at 126.95), we highlighted that the oversold decline in USD has room to extend to 126.00, possibly 125.60. Since then, USD has not been able to make any headway on the downside as it traded sideways.

Downward momentum has waned considerably and the chance for USD to decline to 126.00 has diminished. However, only a breach of 127.60 (‘strong resistance’ level previously at 127.90) would indicate that the downward pressure that started more than two weeks ago has run its course.

#source

Share:


Related

USD/JPY sticks to its consolidative theme
USD/JPY sticks to its consolidative theme

USD/JPY remains side-lined for the time being, note FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang. Yesterday, we highlighted that ‘upward momentum has slowed and USD is unlikely...

5 Aug 2022

USD/JPY pares intraday losses to multi-week low
USD/JPY pares intraday losses to multi-week low

USD/JPY stages a goodish bounce from a multi-week low touched earlier this Friday. Recovering US bond yields help revive the USD demand and offers support to the pair...

29 Jul 2022

The Yen updated the lows
The Yen updated the lows

USDJPY reached new highs – the “greenback” continues to get stronger. The Japanese Yen plunged against the USD. The current quote for the instrument is 137.02. A new high for the pair is at 137.28....

11 Jul 2022

The Yen may drop
The Yen may drop

USDJPY is preparing a new attack on the highs. The Japanese Yen is slowly falling against the USD. The current quote for the instrument is 136.16. The statistics published...

8 Jul 2022

200-hour SMA, around 135.60 might continue to cap the upside
200-hour SMA, around 135.60 might continue to cap the upside

USD/JPY recovered a few pips from the daily low, though lacked any follow-through buying. Ascending trend-line breakdown and failure near the 200-hour SMA favours bearish traders...

4 Jul 2022

The Yen hit new lows
The Yen hit new lows

USDJPY updated its 24-year highs and may continue rising. The Japanese Yen hit a new 24-year low against the USD. The current quote for the instrument is 136.25. The high in USDJPY...

22 Jun 2022


HFM information and reviews
HFM
87%
IronFX information and reviews
IronFX
86%
FXCM information and reviews
FXCM
85%
Pepperstone information and reviews
Pepperstone
84%
NordFX information and reviews
NordFX
83%
LegacyFX information and reviews
LegacyFX
82%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.