The USD/JPY is still seen trading within the range of 114.75-116.05 in the short termaccording to currency strategists at UOB Group.
Key comments
24 hour view: “Yesterday, we expected USD/JPY to ‘consolidate and move between 115.10 and 115.80’. Subsequently, USD/JPY moved within a larger than expected range (115.24/115.87). Upside momentum has improved a little and the bias is to the upside.That said, no advance is expected to break the major resistance at 116.05.On the downside, a break of 115.40 (minor support is at 115.55) would indicate that the current upside pressure has eased “.
Next 1-3 weeks: “Not much to add to our update on Monday (Feb 14, USD/JPY at 115.40). As highlighted, the current move is seen as part of a consolidation and USD/JPY is likely to move between 114.75 and 116.05 for now.”
Source: Fx Street
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