The upward momentum of USD / JPY could extend to the key level of 110.00 in the coming weeks, as commented by currency strategists at UOB Group.
Key Comments:
24 hour view: “Yesterday we expected USD / JPY to ‘trade sideways between 108.80 and 109.40’. Subsequently, USD / JPY rose to 109.48 and fell to 109.01 during London hours before moving sideways for the remainder of the session. Price action it offers no new clues and USD / JPY could move sideways today, probably between 109.10 and 109.60 “.
Next 1-3 weeks: “Our narrative from yesterday (May 4, USD / JPY at 109.10) still stands. We continue to hold the view that there is scope for the current USD / JPY strength to extend to 109.95. That said, the outlook for such a move is not high for now. On the downside, a breakout of 108.55 (unchanged from the ‘strong support’ level) would indicate that the positive phase that started late last week is over. “
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