Additional range movement expected in USD / JPY, note the currency strategists at UOB Group.
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24 hour view: “Our expectations for USD / JPY to consolidate yesterday were wrong as it rose to a high of 110.06. While the rapid advance appears to be running ahead of itself, there is room for the current USD / JPY strength to test. 110.20 first before relaxing. Next resistance at 110.55 is not expected to enter the scene. Support is at 109.70, followed by 109.50. “
Next 1-3 weeks: “We highlighted yesterday (Aug 18, USD / JPY at 109.25) that ‘the risk to USD / JPY remains down.’ We added: ‘The downside risk is considered intact as long as the USD / JPY is not move above 109.90 ‘. We were not expecting the sharp rally that caused USD / JPY to skyrocket to a high of 110.06. The breakout of 109.90 indicates that the USD / JPY weakness that started earlier this week ended earlier than expected. Despite yesterday’s strong rebound, it is too early to expect a sustained advance. From here, USD / JPY could trade within a range of 109.30 / 110.55 for a period of time. “
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