UOB Group strategists noted that the USD/JPY it is now seen visiting the 111.35 level in the coming weeks.
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24-hour perspective: “Our opinion for the USD yesterday was that it could test 111.00 but might not be able to hold a support point above this level. ‘Our opinion was not wrong, as the dollar rose to 111.10 and quickly fell to 110.65 during the London session hours before recovering to close at 110.94 in New York. The upside momentum has improved, although not as much and the bias for today is up. However, it is unlikely any advance will break major resistance at 111.35. Support is at 110.80 followed by 110.60. “
Next 1-3 weeks: “Yesterday (June 23, pair at 110.65), we noted that the upside momentum was starting to improve, but the USD had to close above 111.00 before a sustained advance could be expected. The USD subsequently rose to 111.10 before closing at 110.94.While the USD did not close above 111.00, the upside momentum has improved enough to indicate that it is likely to head higher at 111.35. The prospect of the anticipated advance extending to 111.70 is not high. Overall, the current positive outlook is considered intact as long as the USD does not move below 110.40 (the ‘strong support’ level was at 110.05 yesterday).
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