Select Language

USD/JPY: To decline after a break below 151.05 - UOB Group

Breaking news

USD/JPY: To decline after a break below 151.05 - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.05 18:46
USD/JPY: To decline after a break below 151.05 - UOB Group

update 2024.11.05 18:46

The US Dollar (USD) is expected to trade in a range, probably between 151.75 and 152.75. In the longer run, USD advance from early last month has ended; it must break and remain below 151.05 before a more sustained decline can be expected, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.

USD/JPY to trade between 151.75 and 152.75

24-HOUR VIEW: "Yesterday, when USD was at 152.10, we expected it to 'trade with a downward bias.' However, we pointed out that 'as momentum is not strong, any decline is unlikely to break clearly below 151.50.' We also pointed out that 'the major support at 151.05 is unlikely to come under threat.' Our view was not wrong, as USD fell to 151.54, rebounding to close at 152.13. The rebound in slowing momentum suggests the downward bias has eased. Today, we expect USD to trade in a range, probably between 151.75 and 152.75."

1-3 WEEKS VIEW: "We indicated last Friday (01 Nov, spot at 152.05) that 'The USD advance from early last month has ended.' We added, 'downward momentum is beginning to build, but USD has to break and remain below 151.05 before a more sustained decline can be expected.' Yesterday (Monday), USD fell to a low of 151.54. There has been a slight increase in momentum, and it remains to be seen if USD can break clearly below 151.05. Overall, only a breach of 153.35 (no change in 'strong resistance' level) would mean that the chance of a break below 151.05 has faded."


Date

Created

 : 2024.11.05

Update

Last updated

 : 2024.11.05

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

GBP/USD Price Forecast: Declines on disappointing data, tumbles to 1.2500

The Pound Sterling extends its losses against the Greenback for the third straight day, is down 0.47% after UK Flash PMIs and Retail Sales data disappointed investors.
New
update2024.11.23 00:01

GBP/ZAR Price Forecast: Early-warning signs the short-term trend may reverse

GBP/ZAR has formed a temporary bottom after a steep sell-off.
New
update2024.11.22 23:50

USD/CHF Price Forecast: Resumes uptrend after pullback

USD/CHF is striking higher again after a brief pullback from overbought levels.
New
update2024.11.22 23:27

NZD/USD Price Analysis: More downside looks likely towards 0.5770

The NZD/USD pair rebounds slightly after posting a fresh yearly low near 0.5820 in the North American session on Friday.
New
update2024.11.22 23:24

USD/JPY edges lower after stronger-than-expected Japanese inflation, stimulus package

USD/JPY is trading a touch lower in the 154.30s on Friday as the Japanese Yen (JPY) strengthens against the US Dollar (USD) due to the release of higher-than-expected Japanese macroeconomic data, and Tokyo's announcement of a $250 billion economic stimulus package.
New
update2024.11.22 23:01

USD/CAD turns upside down on steady Canadian Retail Sales growth, US Dollar retraces

The USD/CAD pair surrenders its entire intraday gains and ticks down as the Canadian Retail Sales data grew steadily in September and the US Dollar (USD) gives up a majority of its intraday gains after refreshing a two-year high.
New
update2024.11.22 22:55

GBP/USD: GBP has stabilized just above 1.25 - Scotiabank

UK data reports today were roundly disappointing, weighing on the Pound Sterling (GBP).
New
update2024.11.22 21:47

EUR/JPY Price Prediction: November bear trend unfolds

EUR/JPY staircases down from its Halloween peak as it unfolds in a short-term downtrend during November.
New
update2024.11.22 21:43

EUR/USD: EUR slumps on weak PMI data - Scotibank

The Euro (EUR) plunged in response to poor macro data reports earlier.
New
update2024.11.22 21:42

USD/CAD: CAD softer but outperforms most peers - Scotiabank

USD/CAD got caught in the crossfire of the hefty US Dollar (USD) advance against the European currencies earlier, rising quickly from the mid/upper 1.39s to an intraday high near 1.4020.
New
update2024.11.22 21:39

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel