In the opinion of the currency strategists at UOB Group, USD / JPY could fall to the 109.00 region in the short term.
Key Comments:
24 hour view: “We highlighted yesterday that ‘there is room for USD / JPY weakness to first test 109.55 before stabilization can be expected.’ Subsequently, USD / JPY fell to 109.56 before moving sideways for the rest of the session. The move current is considered part of a consolidation and for today USD / JPY is expected to trade between 109.50 and 110.00 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (April 7, USD / JPY at 109.75). As highlighted, in view of the greatly improved bearish momentum, the current retracement in USD / JPY could extend to 109.05. The corrective retracement is considered intact as long as USD / JPY does not move above 110.55 (no change at the ‘strong resistance’ level). That said, short-term oversold conditions could lead to a couple of days of consolidation first. “
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