It is expected that the USD / JPY operates between 110.00 y 111.15 in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Although we expected USD / JPY to strengthen yesterday, we are of the opinion that ‘a clear breakout of 110.55 is unlikely.’ The subsequent strength of USD / JPY exceeded our expectations as it rose to 110.64. Despite the relatively steep advance, the Bullish momentum hasn’t improved much. However, there is room for USD / JPY to test 110.75 first before a pullback can be expected. Higher resistance at 111.10 is not expected to kick in. On the downside, a A breakout of 110.30 would indicate that the current upward pressure has eased. “
Next 1-3 weeks: “We have expected USD / JPY to weaken since the middle of last week. After the pair rallied strongly from 109.52, we highlighted yesterday that ‘the downside momentum is starting to wane and a breakout of 110.55 would indicate that the USD / JPY is not ready to move below 109.50 just yet. ‘The dollar rose to a high of 110.64 and the downside momentum has dissipated. From here, USD / JPY is likely to trade between 110.00 and 111.15 for a time frame.”
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