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USD/JPY risks a move to 104.40 – UOB

FXStreet reports that FX Strategists at UOB Group noted that USD/JPY could slip back to the 104.40 region in the next week.

Next 1-3 weeks: “We have held a positive view in USD since early last week. After USD retreated after touching 106.21, we cautioned yesterday that ‘upward momentum has waned quickly’ and ‘prospect for further USD strength has diminished considerably’. The positive phase came to an end as USD took out our ‘strong support’ level at 105.00 yesterday (low of 104.97) The current movement is viewed as a pullback that has scope to test month-to-date low at 104.40. At this stage, the prospect for a sustained decline below this level is not high. On the upside, a break of the ‘strong resistance’ at 105.65 would indicate the current downward pressure has eased.”

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