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USD/JPY could slip back to 105.00 – UOB

Further decline in USD/JPY could see the 105.00 area revisited in the next weeks, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “Last Friday, we expected USD to weaken and indicated that ‘barring a move back above 107.00, USD is expected to weaken further even though the support at 106.25 could be just out of reach’. While our view was not wrong, we did not quite anticipate the rapid improvement in downward momentum as USD plunged to a low of 105.66 before closing lower by -0.68% (106.12). From here, USD is expected to stay under pressure unless it moves back above 106.45 (minor resistance is at 106.25). On the downside, a break of 105.66 could lead to further loss towards 105.30 (next support is at 105.00).”

Next 1-3 weeks: “While we noted last Friday (24 Jul, spot at 106.65) that ‘downward momentum has improved quite a fair bit’ and that ‘the risk of a break of 106.25 has increased’, the manner by which USD plunged through 106.25 and the subsequent rapid drop to a low of 105.66 was not exactly expected. USD closed lower by -0.68% (106.12), its largest 1-day decline in 7 weeks. Downward momentum has increased further and from here and USD is expected to weaken further. The next level to focus on is at 105.00. On the upside, the ‘strong resistance’ level has moved lower to 106.80 from Friday’s level of 107.50. Only a break of this level would indicate that the current strong downward momentum has eased.”

https://www.fxstreet.com/news/usd-jpy-could-slip-back-to-10500-uob-202007270536

GBP/USD: Door open for a move to 1.2900 – UOB

Cable has surpassed the 1.2800 mark and could now advance to the 1.2900 region in the near-term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted last Friday that ‘the underlying tone has firmed somewhat and from here, GBP could grind higher but the June’s peak at 1.2812 is likely out of reach for today’. Our view was not wrong as GBP rose to a high of 1.2803 before closing at 1.2795 (+0.42%). GBP extended its advance this morning and the rapid improvement in momentum suggests GBP could continue to strengthen towards 1.2860 (next resistance is at 1.2900). Support is at 1.2770 followed by 1.2740.”

Next 1-3 weeks: “Our latest narrative was from last Wednesday (22 Jul, spot at 1.2735) wherein ‘further GBP strength is likely; focus is at the June’s peak at 1.2812’. GBP subsequently traded sideways before soaring to a high of 1.2803 on Friday and closed on a firm note at 1.2795 (+0.42%). GBP cracked 1.2815 a while ago and from here, the next level to focus on is at 1.2860 followed by 1.2900. Overall, the current positive phase in GBP is deemed as intact as long 1.2700 (‘strong support’ level previously at 1.2630) is not taken out.”

https://www.fxstreet.com/news/gbp-usd-door-open-for-a-move-to-12900-uob-202007270513



According to Trading Central (3rd party RIA) the USD/JPY is short positions below 105.90 with targets at 105.25 & 105.00 in extension.

Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10839223

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 105.00
1€ 2,925.77€ 1,462.89€ 731.70
5€ 14,628.87€ 7,314.43€ 3,658.50
10€ 29,257.73€ 14,628.87€ 7,317.00
25€ 73,144.33€ 36,572.16€ 18,292.50
50€ 146,288.66€ 73,144.33€ 36,585.00

According to Trading Central (3rd party RIA) the GBP/USD long positions above 1.2800 with targets at 1.2870 & 1.2900 in extension.

Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10839232

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.2900
1€ 3,669.46€ 1,834.73€ 862.06
5€ 18,347.28€ 9,173.64€ 4,310.30
10€ 36,694.55€ 18,347.28€ 8,620.60
25€ 91,736.39€ 45,868.19€ 21,551.50
50€ 183,472.77€ 91,736.39€ 43,103.00