In the opinion of the currency strategists of UOB Group, the USD / JPY looks between 103.70 and 105.30 in the short-term horizon.
24 hour perspective: “The USD traded between 104.24 and 104.59 yesterday before closing little changed at 104.45 (+ 0.02%). The range was narrower than our expected range of 104.20 / 104.80. Price actions offer no new clues and it would not be surprising if more side trades take place. Expected range for today, 10415 / 104.60“.
Next 1-3 weeks: “Not much to add to our update on Tuesday (Nov 24, par at 104.55). As highlighted, the current move is seen as the early stages of a consolidation phase and the USD is likely to trade between 103.70 and 105.30 for now. “
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