USD/JPY: Finally moving south – OCBC

The picture for the USD in the next couple of sessions remains slightly heavy. Prefer to be short USD/JPY to reflect the USD negative stance in the immediate horizon, Terence Wu from OCBC Bank briefs.

Key quotes

“The USD/JPY may finally be ready to turn south after breaking through the 110.00 support on the back of USD weakness.” 

“Overlay that with inherent risk-off, the downside room for USD/JPY may be significant in the coming sessions. Look for an initial target at 108.20/30 for now, with bounces likely limited to 108.90/00.”