According to currency strategists at UOB Group, USD / JPY is now seen trading between 109.30 and 110.55 in the coming weeks.
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24 hour view: “We highlighted yesterday that ‘while the rapid advance appears to be running ahead of itself, there is room for the current USD / JPY strength to test 110.20 first before relaxing.’ Our view was not wrong despite the pullback from 110.22 high was sharper than expected (109.47 low). Momentum indicators are turning ‘flat’ and for today the USD / JPY is likely to trade sideways, expected to be within a range of 109.55 / 110.05. “
Next 1-3 weeks: “Not much to add to our update yesterday (Aug 19, USD / JPY at 109.90). As highlighted, the recent weakness in USD / JPY has ended and USD / JPY is likely to trade within a range of 109.30 / 110.55 over a period of time. “
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