The USD/JPY does not rule out further weakness, although the wider trading range of 103.75-105.20 is expected to prevail in the coming weeks.
24 hour perspective: “The USD traded yesterday between 104.05 and 104.61, lower and in a narrower band than our expected range of 104.15 / 104.75. The bearish momentum has improved slightly, but while the USD could weaken from here, it is A sustained drop below solid support at 103.75 unlikely. On the upside, a move back above 104.45 would indicate that the current slight downward pressure has eased. “
Next 1-3 weeks: “Not much to add to our update yesterday (Nov 17, even at 104.45). As highlighted, ‘there is a slight downward bias in the USD, but any weakness is considered part of a lower trading range of 103.75 /105.20‘. Going forward, the USD has to close below 103.75 to indicate that it is ready to move towards last week’s low of 103.18. At this stage, the odds of such a scenario are not high. “
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