The USD / JPY could still decline and test the 108.90 region in the coming weeks, according to currency strategists at UOB Group.
Key Comments:
24 hour view: “Yesterday we expected USD / JPY to ‘trade within a range of 109.10 / 109.60’. However, USD / JPY briefly fell to 109.21 before quickly bouncing to 109.65. The rebound has room to spread but is not expected to no advance breaks the main resistance at 109.85. Support is at 109.40 followed by 109.25 “.
Next 1-3 weeks: “We continue to hold the same opinion as yesterday (June 9, USD / JPY at 109.40). As highlighted, USD / JPY is under slight downward pressure and could drop to 108.90. On the upside, a breakout of 109.85 would indicate that the current slight downward pressure has eased. “
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