FXStreet — The FX strategists of the Japanese UOB Group have changed their perspective for the currency pair to bearish. They now expect in the short term a Retest of the 110,10.
The expected Pullback in the direction of 112,00 culminated yesterday in a total Disaster. The US currency collapsed yesterday on 110,50.
While the losses of the US dollar ahead of the Japanese Yen, there is still no sign of a stabilisation and a continuation on the 110,10 is likely to be. The current level of 111,10 offers an attractive Risk/Reward. A jump back over 111,90 would signal a short term bottom formation.
** FXStreet News Editorial, FXStreet**