According to currency strategists at UOB Group, the outlook for the USD / JPY continue to point to an additional range in the coming weeks, probably between 108.50 and 109.95.
Key Comments:
24 hour view: “We highlighted yesterday that ‘the momentum indicators are mostly neutral and it would not be surprising if more lateral movements take place’, and we expected USD / JPY to ‘trade within a range of 109.05 / 109.60.’ Our opinion was not wrong. despite USD / JPY trading within a narrower than expected range (109.06 / 109.49). Price action offers no new clues and we continue to expect USD / JPY to trade sideways, probably between 109.00 and 109.55 “.
Next weeks: “There is no change in our view from yesterday (May 17, USD / JPY at 109.35). As highlighted, USD / JPY is likely to consolidate and move between 108.50 and 109.95 “.
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