The pair USD / JPY could now head towards the 111.35 level, suggest currency strategists at UOB Group.
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24 hour view: “Yesterday, we had the opinion that ‘the bias is to the upside, but any advance in USD / JPY is unlikely to break the main resistance at 111.35’. However, USD / JPY dipped to 110.68 first before recovering. We still see room for the pair to head higher, but in light of lackluster momentum, a breakout of 111.35 would be a surprise (111.10 is already quite a strong level). Support is at 110.75 followed by 110.60. “
Next 1-3 weeks: “There is no change in our view yesterday (June 24, USD / JPY at 111.00). As highlighted, USD / JPY is likely to rise to 111.35. At the moment, the outlook that the anticipated advance will be extend to 111.70 is not high Overall, the current positive outlook is considered intact as long as USD / JPY does not move below 110.40 (‘strong support’ level).
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