Further gains are likely to be seen in USD/JPY once the 115.80 level is brokenaccording to currency strategists at UOB Group.
Key comments
24 hour view: “Yesterday we expected USD/JPY to strengthen, but are of the opinion that ‘any advance in USD/JPY is unlikely to break 115.50’. The expected strength of the pair exceeded our expectations, as USD/JPY rose to 115.62. A Despite the advance, momentum to the upside hasn’t improved that long and USD/JPY is unlikely to advance much further. For today, USD/JPY is more likely to move sideways between 115.25 and 115.70.”
Next 1-3 weeks: “We highlighted on Monday (Feb 7, USD/JPY at 115.20) that the outlook for USD/JPY is mixed and we expect it to move between 114.55 and 115.80. USD/JPY rose to a high of 115.62 and momentum to the upside has improved a bit however USD/JPY needs to break 115.80 before a sustained advance can be expected the probability of a break of 115.80 is not high for now but would remain intact as long as ‘strong support’ is not broken ‘ at 114.80”.
Source: Fx Street
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