17 Dec 2014
Outlook for USD still bearish versus JPY – UOB
FXStreet (Barcelona) - The UOB Group Research Team anticipates the USD/JPY pair to target 114.70 levels as the outlook for USD remains bearish.
Key Quotes
“We turned bearish exactly a week ago when USD was trading at 119.75 targeting a move to 117.20. The expected USD weakness exceeded our target by a wide margin with an overnight low of 115.56. Despite the sharp short-term rebound, the outlook for USD in the coming week is still bearish. The next target is at 114.70. Trailing-stop has moved lower to 119.00 from 119.55 but 118.20 is already a strong resistance.”
Key Quotes
“We turned bearish exactly a week ago when USD was trading at 119.75 targeting a move to 117.20. The expected USD weakness exceeded our target by a wide margin with an overnight low of 115.56. Despite the sharp short-term rebound, the outlook for USD in the coming week is still bearish. The next target is at 114.70. Trailing-stop has moved lower to 119.00 from 119.55 but 118.20 is already a strong resistance.”