News | Forex Optimum

News

News

USD/JPY: Downside focused on 104.70 - UOB

USD/JPY: Downside focused on 104.70 - UOB

FXStreet reports that in the opinion of FX Strategists at UOB Group USD/JPY risks further losses if the 104.70 level is cleared in the near-term.

24-hour view: “Our expectation for USD to ‘probe 104.90 first before a rebound can be expected’ did not materialize as it traded within a 105.07/105.49 range. The price actions offer no fresh clues and USD could continue to trade sideways for now, likely between 105.05 and 105.55.”

Next 1-3 weeks: “Yesterday, we indicated that the outlook for USD is mixed and held the view that it ‘could trade between 105.00 and 106.00 for a period of time’. The rapid manner by which it approaches the bottom of the range was not exactly expected (overnight low of 105.02) and downward momentum has improved a tad. While the bias is tilted to the downside, USD has to close below 104.70 before a sustained decline can be expected.”

You may also be interested:

14:43 22.10.2020
GBP/USD: Trade talks resume quickly reinforcing optimism for further gains - MUFG
FXStreet notes that the pound is still only middle of the range despite Brexit optimism after sharp gains on Wednesday which lifted the cable to an intra-day high of 1.3177 and lowered EUR/GBP closer to the 0.9000-level. All eyes are on a Brexit deal, which economists at MUFG Bank believe will be reached, suggesting further upside for the sterling.“While broad-based US dollar weakness helped to lift cable, it was primarily a pound driven move on back of positive Brexit developments. The UK
14:21 22.10.2020
EUR/USD proves resilient to darkening outlook for eurozone recovery - MUFG
FXStreet notes that the euro has benefitted from the broad-based weakening of the US dollar so far this week. It has helped to lift EUR/USD back towards the middle of the trading range between 1.1600 and 1.2000 that has been in place since late July. The shared currency has held up well recently even as eurozone fundamentals have been deteriorating, as economists at MUFG Bank note. “The surge in new COVID-19 cases in the eurozone remains alarming. According to our calculations, the number
14:10 22.10.2020
UK's finance minister Sunak: We are making job support scheme more generous
Employees only require to work 20% of hours, previously 33%Firms only cover 5% of non-worked hours, previously 33%Maximum grant will increase to £3,750 from £1,875 previouslyDoubles grants for self-employed from 20% to 40%Cash grants will be up to £2,100 per month for every month Tier 2 applies
Deposit
options
Trading
platform
download
Bonuses VIP