USD/JPY could extend its leg lower to the 111.30 region, noted FX Strategists at UOB Group.
“USD had a choppy session last Friday, swinging within a broad 112.28/113.45 range. The undertone appears to be on the weak side but at this stage, any decline is expected to find solid support at 112.00/05 (this level was tested twice last week but held on both occasions). On the upside, only a move 113.10 would indicate that a stronger recovery towards 113.50 has started”.
“While USD continues to hold above the key 112.00/05 support, downward momentum has continue to improve (albeit ‘grudgingly’) and the immediate bias from here is a move below 112.00/05 for a move towards 111.30. Only a move above 113.50 would indicate that the immediate downward pressure has eased (minor resistance at 113.10)”.
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