USD/JPY is now facing the likelihood of additional gains beyond the key level of 110.55 in the coming weeks, as suggested by currency strategists at UOB Group.
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24-hour perspective: “We expected the USD to strengthen even further yesterday, but we were of the opinion that overbought conditions suggested that a break out of the main resistance at 110.55 was unlikely. Our view was not wrong as the dollar rose to 110.44 before quickly moderating It is unlikely that the USD will strengthen further, as today it is more likely that it will consolidate and trade between 110.00 and 110.40.”
Next 1-3 weeks: “Not much to add to our update yesterday (Sep 08, pair at 110.25). As highlighted, the upside momentum is starting to improve and the risk of a breakout of 110.55 has increased. On the downside, if it breaks 109.95 in these few days, it would indicate that the USD is still ‘stuck’ in a 108.30 / 110.55 range. “
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