The USD/JPY pair is expected to extend the consolidation within the range of 114.55-115.80 in the coming weeks, currency strategists at UOB Group suggest.
Key comments
24 hour view: “Our expectations from yesterday that USD/JPY ‘test 115.50’ failed to materialize as it traded in a range of 114.90/115.37 before closing largely unchanged at 115.12 (-0.07%). The underlying tone still appears to be slightly firm and the bias is to the upside. That said, any advance in USD/JPY is unlikely to break above 115.50. Support is at 115.00, followed by 114.80.”
Next 1-3 weeks: “Our view from yesterday (Feb 8, USD/JPY at 115.20) still stands. As highlighted, the outlook is mixed and USD/JPY is likely to trade between 114.55 and 115.80 for now. Looking Ahead , the risk to the upside seems higher, but USD/JPY has to break 115.80 before a sustained advance is likely.”
Source: Fx Street
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