The pair USD / JPY could move into a consolidation phase in the short term before a likely move to 115.00, note the currency strategists at UOB Group.
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24 hour view: “We highlighted yesterday that ‘deeply overbought conditions coupled with some early signs of slowing momentum suggest that USD / JPY is unlikely to strengthen much further’ and we expected the country to ‘move sideways between 113.90 and 114.50’. USD / JPY traded between 114.00 and 114.44. The underlying tone has improved a bit and USD / JPY could move higher from here. That said, it is unlikely that major resistance at 114.55 will enter the scene. Support is at 114.00, followed by 113.85. “
Next 1-3 weeks: “There is not much to add to our update yesterday (October 18, USD / JPY at 114.20). As highlighted, USD / JPY is still strong, but overbought conditions could lead to a consolidation first. Next up. resistance is at 114.55 followed by 115.00. The current USD / JPY strength is considered intact as long as it does not break the 113.50 level (unchanged from yesterday’s ‘strong support’ level) “
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