USD/JPY: Downside bias seems to lose strength – UOB By pabspiovano USDJPY Currencies Majors Banks
24-hour view: “Yesterday, we held the view that ‘the rebound in USD has scope to extend but a break of the strong resistance at 114.75 is unlikely’. Our view was not wrong as USD rose to a high of 114.64 before easing off. Upward momentum is beginning to wane and USD is unlikely to strengthen much further. For today, USD is more likely to consolidate and trade between 114.20 and 114.65.”
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