The USD / JPY does not rule out a move to the 110.00 zone in the coming weeks, say the currency strategists at UOB Group.
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24 hour view: “We highlighted yesterday that ‘despite the relatively steep decline, the downside momentum has not improved as much, but there is room for USD / JPY to drop to 110.30’. Our expectation did not materialize as USD / JPY rallied. It rallied after touching 110.38 and subsequently moved sideways. The underlying tone still appears to be a bit soft and we continue to see the possibility of USD / JPY moving lower, but a clear breakout of 110.30 is unlikely (next support is at 110.05). Resistance will be at 110.80 followed by 111.00. “
Next 1-3 weeks: “We continue to hold the same view from yesterday (July 7, USD / JPY at 110.55). As highlighted, USD / JPY is under slight downward pressure and could move lower to 110.05. Right now, the odds of a clear breakout of 110.05 is not high. On the upside, a breakout of 111.15 would indicate that the current mild pressure to the downside has eased. “
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