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USD/JPY: Outlook predicted to remain fragile – UOB

FXStreet reports that USD/JPY risks further downside and a probable test of the 105.00 region in the next weeks, noted FX Strategists at UOB Group.

Next 1-3 weeks: “Yesterday (15 Sep, spot at 105.70), we indicated that ‘downward momentum has improved considerably and from here, USD is expected to trade with a downward bias towards the next major support at 105.20’. The pace of the decline was more rapid than expected as USD dropped to an overnight low of 105.28. Downward momentum continues to improve and from here, a break of 105.20 would shift the focus to the major support at 105.00. Looking forward, USD has to close below this solid support before further weakness can be expected. All in, USD is expected to remain weak unless it can move above 106.00 (‘strong resistance’ level was at 106.30 yesterday).”

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