According to the currency strategists at UOB Group, USD / JPY is expected to hold the range between 108.20 and 109.50 unchanged In the next weeks.
Key Comments:
24 hour view: “We highlighted yesterday that USD / JPY ‘could go down, but any weakness is unlikely to challenge the main support at 108.20’. However, USD / JPY traded between 108.43 and 108.95. The underlying tone has strengthened a bit and the USD / JPY could advance, but it is unlikely to challenge the resistance at 109.25 (the minor resistance is at 109.00). Support is at 108.65 followed by 108.45 “.
Next 1-3 weeks: “There is not much to add to our update on Monday (March 22, USD / JPY at 108.90). As highlighted, the recent positive phase has ended and the current move is considered part of a consolidation phase. USD / JPY is expected to consolidate and trade between 108.20 and 109.50 for now. “
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