The USD/JPY keeps the bullish bias unchanged as UOB Group currency strategists believe that could reach the region of 109.30 In the next weeks.
Key Comments:
24 hour vision: “Our view of the USD / JPY retracement extending to the downside was incorrect as it rose to 109.21 before declining. Despite the pullback, the underlying tone remains firm and there is a possibility that USD / JPY will test the main resistance at 109.30. For today, a clear break from this level is unlikely. The next resistance at 109.60 is not expected to enter the scene. Support is at 108.70 followed by 108.50 “.
Next 1-3 weeks: “Two days ago (April 28, USD / JPY at 108.80), we turned positive on the pair and expected it to trade with a bullish bias towards 109.30. USD / JPY rose to 109.21 yesterday (April 29) and there is no change in our opinion. Looking ahead, a clear breakout of 109.30 would suggest that USD / JPY could further strengthen to 109.60. On the downside, a breakout of 108.20 (previously ‘strong support’ level at 108.00) would indicate that the positive phase is over. “
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