UOB Group currency strategists continue to believe that USD / JPY is still targeting the 115.00 level in the short term.
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24 hour view: “We highlighted yesterday that ‘while USD / JPY moved above 114.55 during Asian hours, the upside momentum is not as strong and the next major resistance at 115.00 is unlikely to be threatened.’ Subsequently, USD / JPY fell to 114.06 before settling little changed at 114.26 (-0.09%). The upward pressure has eased and the current move is seen as part of a consolidation. In other words, USD / JPY is moving sideways today. Expected to be between 114.00 and 114.55. “
Next 1-3 weeks: “Not much to add to our update yesterday (Oct 20, USD / JPY at 114.50). As highlighted, the focus is now on 115.00 despite overbought conditions suggesting that the odds of a sustained advance Above 115.00 are not high On the downside, a breakout of 113.75 (no change from yesterday’s ‘strong support’ level) would indicate that the USD / JPY strength that started about 2 weeks ago is over.
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