Downward pressure could drag USD / JPY to the 108.90 level over the next several weeks, UOB Group currency strategists suggest.
Key Comments:
24 hour view: “USD / JPY traded quietly between 109.18 and 109.55 yesterday. Momentum indicators are mostly neutral and sideways trading would not be surprising, although probably within a wider range of 109.10 / 109.60 “.
Next 1-3 weeks: “Despite the relatively quiet price action of the past few days, the underlying tone for USD / JPY appears to be a bit soft. The bias is for the USD / JPY to 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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