USD / JPY is expected to hold the 109.30-110.55 range current for the time being, as suggested by currency strategists at UOB Group.
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24 hour view: “Yesterday we expected the USD / JPY ‘to move sideways within a range of 109.55 / 110.05’. Subsequently, the USD / JPY rose to 110.14 before falling again to end the day at 109.68 (the low was 109.64 The underlying tone has weakened a bit and USD / JPY could drop to 109.55. Next support at 109.30 is not expected to be threatened. Resistance is at 109.95, followed by 110.10. “
Next 1-3 weeks: “There is not much to add to our update last Thursday (Aug 19, USD / JPY at 109.90). As highlighted, USD / JPY could move within a range of 109.30 / 110.55 over a period of time.”
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