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4 Feb 2016
USD/JPY bearish below 115.95 – UOB
The research team at UOB Group sees the pair’s outlook turning to bearish following a break below recent lows in the 115.95 area.
Key Quotes
“The shift to a neutral stance yesterday was timely even though we clearly do not anticipate such a sharp drop to 117.03”.
“In view of the extreme volatility, we believe it is too early to expect a sustained down-move at this stage”.
“From here, we think only a clear move below the recent low near 115.95/00 would indicate the start of a bearish phase. In the meanwhile, the elevated volatility could lead to a period of choppy trading within a very broad range”.
Key Quotes
“The shift to a neutral stance yesterday was timely even though we clearly do not anticipate such a sharp drop to 117.03”.
“In view of the extreme volatility, we believe it is too early to expect a sustained down-move at this stage”.
“From here, we think only a clear move below the recent low near 115.95/00 would indicate the start of a bearish phase. In the meanwhile, the elevated volatility could lead to a period of choppy trading within a very broad range”.