Currency strategists at UOB Group note that the downward momentum in USD/JPY could accelerate on a break of 114.75.
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24 hour view: “Last Friday, we expected USD/JPY to ‘trade between 114.75 and 115.25’. USD/JPY subsequently moved in a range of 114.78 to 115.29 before closing little changed at 115.00 (+0.06%). Price action still appears to be part of a consolidation and we continue to expect USD/JPY to move sideways between 114.75 and 115.25.”
Next 1-3 weeks: “Not much to add to our update from last Friday (Feb 18, USD/JPY at 115.40). As highlighted, the downside momentum has improved, but USD/JPY needs to close below 114.75 sooner. that a sustained decline is likely The probability of USD/JPY closing below 114.75 would remain intact as long as it does not move above 115.55 within these two days Looking ahead, the next support below 114.75 is 114.40.”
Source: Fx Street
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