USD/JPY bearish below 100.80 – UOB

USD/JPY keeps its bearish note while below 100.80, suggested the research team at UOB Group.

Key Quotes

“USD edged below the strong 100.00 support to touch a low of 99.91 before rebounding quickly. Downward momentum has eased and USD is likely trying to form a short-term base for a stronger rebound”.

“After dropping to a low of 99.50/55 early last week, USD has been struggling to extend its down-move. The consolidation over the last several days has resulted in a rapid loss of momentum and this coupled with the still oversold conditions has increased the risk of a short-term low. However, only a break above 100.80 (adjusted from 101.20 previously) would indicate that the current bearish phase has ended”.