According to the currency strategists of the UOB Group, USD / JPY faces further consolidation in the range between 108.50-109.55 on the short-term horizon.
Key Comments:
24 hour view: “Yesterday, we expected USD / JPY to ‘trade sideways between 108.80 and 109.30’. Subsequently, USD / JPY rose to 109.33 and briefly fell to 108.56 before rising again. Rapid but short-lived swings have led to prospects. Mixed. For today, the USD / JPY could move between 108.80 and 109.55 “.
Next 1-3 weeks: “We highlighted yesterday (May 19, US / JPY at 109.00) that ‘the underlying short-term tone has weakened a bit, but USD / JPY is likely to move within a range of 108.50 / 109.55 for now.’ USD / JPY fell sharply to a low of 108.56 before rising again. The price action reinforces our sentiment and we continue to expect USD / JPY to move within a range of 108.50 / 109.55 “.
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