USDJPY: Further losses still appear in the pipeline – UOB

24-hour view: “We highlighted yesterday that ‘the rebound amid oversold conditions suggests USD is unlikely to weaken much further’ and we expected USD to ‘trade between 138.40 and 140.30’. USD subsequently traded in a wider range than expected before closing at 139.88 . The underlying tone has improved somewhat and USD is likely to edge higher today but a break of 141.00 is unlikely. On the downside, support is at 139.90 but only a break of 139.

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