He USD / JPY maintains positive outlook and it could try to move to 104.75 in the coming weeks, as suggested by currency strategists at UOB Group.
24 hour perspective: “Yesterday we highlighted that the USD could move above the month-to-date high near 104.40. We added that a rise beyond 104.75 is unlikely. Our opinion was not wrong as the USD fell from 104.46 and closed at 104.21 The USD rose sharply after the open this morning and the rapid recovery of momentum suggests that it could strengthen further, but the odds of a sustained advance above 104.75 are not high. PFor today, the next resistance at 105.00 is unlikely to enter the picture. Support is at 104.25 followed by 104.00 “.
Next 1-3 weeks: “Not much to add to our update yesterday (Jan 28, even at 104.25). As highlighted, the risk to the USD has moved higher, but the solid resistance at 104.75 may not give way so easily. The Positive outlook is considered intact as long as the USD does not move below 103.75 (The “strong support” level was at 103.50 yesterday). Looking ahead, the next resistance above 104.75 is at 105.00 ”.
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