Further consolidation in USD/JPY, likely within the src28.00-src30.80 range now appears likely in the near term, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “After rising to a high of src30.58, USD pulled back sharply and closed at src29.59 (-0.43%). The pullback has room to extend but is unlikely to break the support at src28.00 (there is another support at src28.50). Resistance is at src29.75, followed by src30.src0.”
Next src-3 weeks: “Sharp pullback in USD/JPY is likely to extend to the 55-week exponential moving average near src3src.40. (dated 02 Dec 2022, src36.50).”
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