The USD / JPY still looks inside the 103.70-104.80 range for the next few weeks, have noted the currency strategists of UOB Group.
Key Comments:
24 hour view: “USD / JPY traded yesterday between 103.90 and 104.31, relatively close to our expected lateral trading range of 103.85 / 104.30. Price action offers no new clues and we continue to expect USD / JPY to move sideways between 103.85 and 104.30 ”.
Next 1-3 weeks: “Our latest comment from last Wednesday (Dec 2, USD / JPY at 104.30) in which the outlook for USD / JPY is mixed and ‘only a clear break below 103.70 or above 104.80 would indicate the start of a more directional price action. ‘ Thereafter, USD / JPY briefly fell to a low of 103.65 before bouncing. The outlook remains mixed and we continue to hold the view that only a clear break below 103.70 or above 104.80 would signal the start of more directional price action. “
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