In light of the recent price action, now USD/JPY is likely to move between 121.00 and 124.50 in the coming weeks, say currency strategists at UOB Group.
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24 hour view: “We expected USD/JPY ‘to move volatile between 122.60 and 124.60’ yesterday. Subsequently, USD/JPY moved in a range of 121.97/124.30 before closing at 122.84 (-0.86%). The current move seems be part of a consolidation phase and USD/JPY is likely to trade between 121.50 and 122.70 today.”
Next 1-3 weeks: “Yesterday (March 29, USD/JPY at 123.55), we highlighted that the rally is still intact, but it remains to be seen if it can sustain above 125.10. over 2 weeks ago it has come to an end”. USD/JPY subsequently dipped to 121.97 before bouncing back. Breaking through our ‘strong support’ level indicates that the move higher has come to an end. USD/ JPY appears to have moved into a consolidation phase and is likely to move between 121.00 and 124.50 for now.”
Source: Fx Street
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