15 Feb 2016
USD/JPY downside accelerates below 112.00 – UOB
According to the research team at UOB Group, the pair could see further downside below the 112.00 handle.
Key Quotes
“The strong rebound last Friday has dented the strong downward momentum but at this stage, it is too early to expect that a bottom is in place”.
“That said, in order to maintain the current bearishness, USD has to move below 112.00 in the next couple of days or the odds for another leg lower to the next target at 110.00 will diminish quickly”.
“Stop-loss remains unchanged at 114.60 for now”.
Key Quotes
“The strong rebound last Friday has dented the strong downward momentum but at this stage, it is too early to expect that a bottom is in place”.
“That said, in order to maintain the current bearishness, USD has to move below 112.00 in the next couple of days or the odds for another leg lower to the next target at 110.00 will diminish quickly”.
“Stop-loss remains unchanged at 114.60 for now”.