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18 Jun 2021

USD/JPY now focuses on 110.60 – UOB

Further gains in USD/JPY are likely beyond the 110.60 level, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the overbought rally in USD has room to extend but it is unlikely able to maintain a foot hold above the year-to-date high near 110.95’. However, instead of breaking 110.95, USD fell sharply to 110.15. Upward pressure has dissipated and the current movement is viewed as part of a consolidation phase. For today, USD is expected to trade between 110.10 and 110.60.”

Next 1-3 weeks: “Yesterday (17 Jun, spot at 110.65), we noted that ‘upside risk remains intact and the level to focus on now is at the year-to-date high near 110.95’. We did not quite anticipate the overnight drop to 110.15. While our ‘strong support’ level at 110.00 is still intact, upward momentum has been dented. In order to rejuvenate the waning momentum, USD has to move and stay above 1106.60 within these couple of days or the odds for USD to break above 110.95 would diminish. Conversely, a break of 110.00 would indicate that USD is not ready to move above 110.95.”

Jun 18, 2021

Forex Today: Fed-fueled dollar defies yields and gains, gold, cryptos extend fall

Here is what you need to know on Friday, June 18: The dollar has been extending its gains in a long reaction to the Fed, sending AUD/USD to new yearly
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Jun 18, 2021

AUD/USD Price Analysis: Eyes 0.7475 as sell-off extends below 200-DMA

After a brief bounce in the Asian trades, AUD/USD has resumed the downside towards 0.7550, reaching the lowest levels since December 2020. The aussie
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