USD/JPY Plunge to 160.62 Shifts Bias Lower – UOB
UOB's Quek Ser Leang notes USD/JPY's unexpected drop to 160.62 has shifted short-term bias lower, though oversold conditions may allow a rebound within 160.80–161.90.
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Analysts at UOB highlight that USD/JPY's sharp and unexpected decline to 160.62 has altered the short-term outlook. The break below key levels suggests a bearish bias in the near term.
However, the pair is now in oversold territory, which could open the door for a technical bounce. Quek Ser Leang expects any rebound to be limited to the 160.80–161.90 range in the coming sessions.
Traders should watch for resistance near 161.90 and support at the 160.62 low. A sustained move below that level would reinforce the bearish view.
Source: FXStreet Forex News