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)”.
You may be interested
Buy Bitcoins in Europe With Bitmoney.euBrian Evans - Aug 10, 2017
Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers…
Goldman Sachs: ‘Real Dollars Are at Work’ in Cryptocurrency MarketsBrian Evans - Aug 10, 2017
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market. According to…
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream AdoptionBrian Evans - Aug 09, 2017
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset…