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15 Mar 2023

USD/JPY: Downside pressure mitigated above 135.10 – UOB

The selling pressure in USD/JPY is expected to alleviate once the pair surpasses the 135.10 level, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “Yesterday, we expected USD to trade in a range between 132.70 and 134.50. USD subsequently dipped to 133.02 before rebounding to 134.89. We view the price actions as part of a broad consolidation and expect USD trade between 133.50 and 135.00 today.”

Next 1-3 weeks: “We highlighted yesterday (14 Mar, spot at 133.20) that the sharp increase in downward momentum is likely to lead to further USD weakness. We added, a breach of 135.10 (‘strong resistance’ level) would indicate that USD is not weakening further. In NY trade, USD rebounded to 134.89. While downward pressure has waned somewhat, only a breach of 135.10 would invalidate our view.”

Mar 15, 2023

Crude Oil Futures: A corrective bounce appears on the cards

CME Group’s flash data for crude oil futures markets noted traders trimmed their open interest positions by around 3.7K contracts on Tuesday, leaving

USD Index: Softer US retail sales figures could give it a gentle downside bias – ING

A nervous calm returns to FX markets. Softer US Retail Sales data could weigh on the Dollar, economists at ING report. DXY could nudge down to 102.75