USD/JPY remains under pressure – UOB

Analysts at UOB Group have noted USD/JPY remains under pressure in the next 1-3 weeks.

Key Quotes

“While the 99.05/10 low last Friday appears to be ‘safe’ for now, USD is expected to remain under pressure. Any rebound from here is expected to face strong resistance at 103.30 ahead of the stronger level at 104.00”.  

“USD registered a range of 99.08/106.81 or roughly 770 pips. This is the single largest daily range since October 1998”.

“Near-term outlook is unclear after the extreme movement and we do not have a firm view except that trading is likely to be confined within the 99.08/106.81 range (which is not much of a help). Hopefully, the price action over the next few days could offer a better clarity of the outlook for USD”.