In light of the recent price action, USD / JPY is expected to extend consolidation in the coming weeks, probably between 113.20 and 114.70, according to currency strategists at UOB Group.
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24 hour view: “We highlighted yesterday that ‘there is room for USD / JPY to test 114.30’. We added that ‘higher resistance at 114.70 is not expected to enter the scene.’ Our view was not wrong, as USD / JPY rose to 114.44 earlier. back to close little changed at 113.98 (-0.02%). Upward pressure has eased and USD / JPY is unlikely to strengthen further. For today, USD / JPY is more likely to trade sideways between 113.75 and 114.25. “
Next 1-3 weeks: “We continue to see the current movement in USD / JPY as part of a consolidation phase and the pair is likely to move between 113.20 and 114.70 for now.”
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