USD/JPY faces strong contention around 133.00 – UOB

In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, bouts of weakness in24-hour view: “After USD dropped to 133.49 and rebounded, we highlighted last Friday that ‘the rebound in deeply oversold conditions suggests that USD is unlikely to weaken much further’ and we expected USD to trade in range between 133.40 and 135.00. While USD did not weaken further, it did not quite trade in a range as it rebounded strongly to 135.12.

Next 1-3 weeks: “Last Friday , we indicated that ‘while USD could continue to decline, short-term conditions are severely oversold and it remains to be seen if USD has enough momentum to break the solid support level near 133.00’. There is no change in our view. On the upside, a breach of 136.05 (no change in ‘strong resistance’ level0 would suggest that the weakness in USD has stabilized.”Information on these pages contains forward-looking statements that involve risks and uncertainties.

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Source: Financial Digest (financialdigest.net)

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