In the view of the currency strategists at UOB Group, it is likely that USD / JPY trades within the range of 109.60-110.80 for the moment.
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24 hour view: “Our expectation for USD / JPY to ‘trade between 109.90 and 110.45’ was incorrect, as it fell to 109.70 before rebounding strongly (the high was 110.34). The bounce has room to extend, but any advance is likely to be limit to a test of 110.55. Higher resistance at 110.80 is not expected to enter the picture. Support is at 110.00, followed by 109.80. “
Next 1-3 weeks: “There is no change in our opinion from yesterday (June 21, USD / JPY at 110.20). As highlighted, the current move is seen as part of a consolidation phase and USD / JPY is expected to trade within a range of 109.60 / 110.80 for now. “
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