The USD / JPY is still seen trading within the range of 108.50-109.55 in the coming weeks, suggest currency strategists at UOB Group.
Key Comments:
24 hour view: “The USD / JPY spiked yesterday to 109.17 before closing on a firm tone at 109.14 (+ 0.35%). Strong bullish momentum suggests that USD / JPY is likely to strengthen further. That being said, no advance is expected to threaten the main resistance at 109.55 (109.30 is already quite a strong level). Support is at 108.95 followed by 108.80 “.
Next 1-3 weeks: “We have expected USD / JPY to trade within a range of 108.50 / 109.55 since last week. The USD / JPY has not moved out of the expected range since then. There is no change in our opinion even though short-term bullish momentum is starting to improve. That said, at this point, it seems too early to expect the start of a sustained directional move. “
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