Introduction
The USD/JPY currency pair has been in a downtrend since the middle of last week, with UOB Group’s economist Lee Sue Ann and markets strategist Quek Ser Leang predicting further weakness if the pair breaks below the key support level of 129.60. In this article, we will examine UOB Group’s recent analysis of the USD/JPY and what it means for traders and investors.
UOB Group’s 24-Hour View
UOB Group’s 24-hour view suggests that the USD/JPY may trade in a range of 130.20/131.40, but is unlikely to strengthen further. The analysts predict that the USD may edge lower to 130.60, with support seen at 130.20 and resistance at 131.55 and 131.75.
UOB Group’s Next 1-3 Weeks View
UOB Group’s next 1-3 weeks view suggests that further USD weakness is possible if the pair breaks and stays below 129.60. However, the analysts note that only a break of 132.00 would indicate that the USD is not declining further. As of March 27th, the USD/JPY was trading at 130.70.
Key Takeaways
Based on UOB Group’s analysis, traders and investors should keep an eye on the USD/JPY’s movement around the key support level of 129.60. If the pair breaks and stays below this level, further USD weakness may occur. However, a break of 132.00 would suggest that the USD is not declining further.
Conclusion
In conclusion, UOB Group’s recent analysis of the USD/JPY suggests that the pair may experience further weakness if it breaches the key support level of 129.60. Traders and investors should monitor the USD/JPY’s movement carefully, with resistance seen at 131.55 and 131.75. As always, it is important to conduct thorough research and analysis before making any trading or investment decisions.
