Currency strategists at UOB Group await additional gains in USD / JPY following a breakout of the 110.90 level on the short-term horizon.
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24 hour view: “Our expectation that USD / JPY ‘would move to 110.70’ was incorrect as it fell to 110.10 during the early hours of London before moving sideways for the remainder of the session. The move is seen as part of a phase. consolidation and USD / JPY likely to move sideways. Expected range for today, 110.05 / 110.50. “
Next 1-3 weeks: “There is not much to add to our update yesterday (July 26, USD / JPY at 110.55). As highlighted, the upside momentum is starting to improve, but USD / JPY should close above 110.90 before that a sustained advance can be expected. The outlook for USD / JPY to close above 110.90 is not high for now, but would remain intact as long as USD / JPY does not move below 109.90 in these few days. “
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