Strong support for the USD/JPY is found around 133.00 - UOB

According to Markets Right Side Strategist, further declines in the USD/JPY should meet strong resistance near the 133.00 level.

Important Statements: "We stated last Friday that while there is potential for the USD to fall, any decline is considered a lower trading range of 135.50/137.00. Unfortunately, the Dollar significantly declined before continuing to fall in Asian trade. Although the sudden decline seems exaggerated, the USD could still weaken more if there aren't any signs of stability just yet. Despite this, the critical support level of 133.00 is most likely out of reach right now. A breakdown of 135.50 (a minor resistance level at 135.00) would suggest that the USD's weakness has stabilized on the upside.

"Last Friday (10 Mar, spot at 136.40), we held the view that USD "appears to have entered a consolidation phase" and we expected it to trade within a range of 135.00/138.00 for the ensuing 1-3 weeks," the report continued. We were not expecting a quick drop to 134.10. Although the sudden decline seems to be outpacing itself, there is still scope for the USD to lose further ground. At this point, we anticipate that any fall might be contained to 133.00. Ultimately, the only way to know that the USD is not losing more ground is if it breaches the strong resistance level at 136.40.