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22 May 2014
USD/JPY a drop to 100.76 is not ruled out - UOB
FXStreet (Barcelona) - The Market Strategy Team at UOB Group does not discard another bearish attempt to the key area of 100.75.
Key Quotes
"The low of 100.81 low yesterday was just a few pips shy of our 100.75 target. While the mid-term outlook still appears to be bearish, the short-term downward momentum has waned considerably with the strong rally from the low".
"Expect choppy short-term trading in the next 1-2 days but as long as the key resistant at 102.10 is not taken out, we are not ruling out another stab lower towards 100.75".
Key Quotes
"The low of 100.81 low yesterday was just a few pips shy of our 100.75 target. While the mid-term outlook still appears to be bearish, the short-term downward momentum has waned considerably with the strong rally from the low".
"Expect choppy short-term trading in the next 1-2 days but as long as the key resistant at 102.10 is not taken out, we are not ruling out another stab lower towards 100.75".