Currency strategists at UOB Group forecast that USD / JPY will remain within the range of 108.20-109.50 in the coming weeks.
Key statements:
24-hour outlook: “We highlighted yesterday that the USD” could go down, but any weakness is unlikely to challenge the main support at 108.20. “However, the USD traded between 108.43 and 108.95. The underlying tone has strengthened somewhat and The USD 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: “The recent positive phase is over and the current move is considered part of a consolidation phase. The USD is expected to consolidate and trade between 108.20 and 109.50 for now. “
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