According to currency strategists at UOB Group, it is expected that USD / JPY hold consolidation sentiment for the time being and probably within the range of 113.20-114.70.
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24 hour view: “We highlighted yesterday that ‘risk remains to the downside, but any weakness is unlikely to break the main support at 113.20’. Our expectations did not materialize as USD / JPY moved between 113.45 and 113.90. Momentum indicators moved on. are turning flat and USD / JPY is likely to move sideways today. Expected to be within a range of 113.55 / 114.00. “
Next 1-3 weeks: “There is no change in our view from last Friday (Oct 22, USD / JPY at 114.00). As highlighted, the recent strength in USD / JPY has come to an end. The current move is seen as part of a phase of consolidation and the pair is likely to move between 113.20 and 114.70 for now. Looking ahead, a clear breakout of 113.20 could trigger a considerable pullback in USD / JPY. “
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