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1 Aug 2022

EUR/JPY Price Analysis: Scope for further losses near term

EUR/JPY drops for the third session in a row on Monday.
There are minor support levels at 134.98 and 133.92.

EUR/JPY starts the week well on the defensive and approaches the key 135.00 zone, or 3-month lows.

The cross entered the third consecutive week with losses and remains vulnerable to further decline in the near term. A deeper pullback should test the minor support levels at 134.98 (low May 25) prior to 133.92 (low May 19). If breached, a visit to the this critical 200-day SMA, today at 133.68, should start emerging on the horizon.

It is worth noting that while above the latter, the cross is expected to keep its constructive stance.

EUR/JPY daily chart

Aug 1, 2022

USD/MYR: Extra pullbacks not ruled out – UOB

USD/MYR could grind lower in the near term, although it is unlikely to challenge the 4.4300 region, according to Quek Ser Leang at UOB Group’s Global

RBA seen raising the OCR by 50 bps on Tuesday – UOB

Economist at UOB Group Lee Sue Ann expects the RBA to hike the OCR by 50 bps at its meeting on August 2. Key Quotes “In light of the RBA’s persistent