According to currency strategists at UOB Group, the USD / JPY could move higher once it breaks above 110.90.
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24 hour view: “Our expectation that USD / JPY ‘would move sideways between 109.95 and 110.40’ was incorrect, as it rose to 110.58 before settling on a firm tone at 110.54 (+ 0.36%). Momentum to the upside has improved, though not greatly. For today, there is scope for USD / JPY to break above 110.70, but the next resistance at 110.90 is unlikely to be threatened. On the downside, a breakout of 110.15 (the minor support is at 110.30) would indicate that the current soft pressure to the upside has eased. “
Next 1-3 weeks: “Our last narrative was from last Thursday (July 22, USD / JPY at 110.20) where we highlighted that the outlook is mixed and USD / JPY could trade within a range of 109.50 / 110.70 for now. Subsequently, USD / JPY improved higher momentum. A breakout of 110.70 would not be surprising, but USD / JPY must close above 110.90 before a sustained advance can be expected. The outlook for USD / JPY to close above 110.90 is not high for now, but would remain intact as long as USD / JPY doesn’t move below 109.90 in these few days. “
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