Additional gains in USD / JPY look likely after a breakout of the 111.95 level, suggest currency strategists at UOB Group.
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24 hour view: “Yesterday, we highlighted that USD / JPY ‘could break 111.70’, but we consider that ‘the next major resistance at 111.95 is unlikely to be threatened.’ Our opinion was not wrong, as USD / JPY rose to 111.78 at Although we did not expect the subsequent sharp pullback (111.19 low). For today, USD / JPY is likely to move sideways and is expected to be within a range of 111.15 / 110.60. “
Next 1-3 weeks: “Yesterday’s view (Oct 6, USD / JPY at 111.50) is still standing. As highlighted, short-term bullish momentum is starting to build, but USD / JPY has to close above 111.95 before that a sustained advance can be expected At this time, the outlook for USD / JPY to close above 111.95 is not high, but would rise as long as USD / JPY does not move below 110.90 within these two days. “
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