The USD / JPY is still expected to maintain the trading range between 108.50 and 109.55 in the coming weeks, note the currency strategists at UOB Group.
Key Comments:
24 hour view: “Yesterday, we expected USD / JPY to ‘trade sideways between 109.00 and 109.55’. Our expectations were wrong as USD / JPY fell to 108.82 before rebounding. The rapid decline appears to be ahead of itself and no further weakness is expected. sustained USD / JPY. For today, the pair is more likely to consolidate and trade between 108.80 and 109.30 “.
Next 1-3 weeks: “We have held the same view since Monday (May 17, USD / JPY at 109.35) where the pair is likely to ‘consolidate and trade between 108.50 and 109.95’. While the underlying short-term tone has weakened by a Little, the prospect of USD / JPY breaking out of 108.50 is not high. Meanwhile, the range between 108.50 / 109.55 is likely to limit USD / JPY price action, at least for a few days. “
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