Currency Strategists at the UOB Group The outlook remains mixed for the USD/JPY pair, which is expected to continue to navigate within the 114.40-116.30 range. In the next weeks.
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24 hour view: “Yesterday we had the view that ‘there is room for USD/JPY to spread but a clear break of 115.90 looks unlikely’. Our view was not wrong as USD/JPY rose to 115.78 before closing at 115.66 (+0.67%) USD/JPY has been strong during early Asian hours and momentum to the upside is starting to build USD/JPY could move further but based on current momentum unlikely to challenge the main resistance at 116.30 (there is another resistance at 116.10). Support is at 115.60, followed by 115.40.”
Next 1-3 weeks: “We highlighted yesterday (March 8, USD/JPY at 115.45) that the outlook is mixed and we expect USD/JPY to trade within a relatively wide range of 114.40/116.30. While short-term upside momentum has improved a little, no change in our opinion for now.Looking ahead, USD/JPY has to break resistance at 116.30 before a sustained advance is likely.”
Source: Fx Street
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