USD / JPY: Outlook remains positive in the short term

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USD / JPY remains constructive bias unchanged for now, have noted the currency strategists of UOB Group.

Key Comments:

24 hour view: “Our retracement expectation did not materialize as USD / JPY moved within a tight range between 104.90 and 105.10. Momentum indicators are mostly neutral and it would not be surprising if the sideways move extended, with the expected range for today between 104.80 and 105.20 “.

Next 1-3 weeks: “There is not much to add to our update on Tuesday (Feb 2, USD / JPY at 104.85). As highlighted, the bullish momentum has improved slightly and while the outlook for USD / JPY remains positive, main resistance at 105.40 may not enter the scene anytime soon. The positive outlook is considered intact as long as USD / JPY does not move below 104.50 (previously ‘strong support’ level at 104.25). “

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