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USD/JPY bearish below 112.50 – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The research team at UOB Group noted the bearish outlook for USD/JPY on a close below 112.50.

    Key Quotes

    “Despite the rebound from the overnight low of 112.41, it is too early to expect a sustained recovery. However, there are signs that the current downward momentum is faltering and a clear move below the overnight low is unlikely”.

    “Downward momentum is clearly improving rapidly and from here, a daily closing below 112.50 would indicate the start of a bearish phase in USD. This appears to be a likely scenario unless USD can reclaim 113.50 in the next 1 to 2 days”.
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