It is anticipated that the pair USD / JPY moves between 109.10 and 110.15 for now, note the currency strategists at UOB Group.
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24 hour view: “The strong rise in USD / JPY to a high of 109.83 last Friday was a surprise. The rapid advance has room to test 109.95, but a sustained rise above this level is unlikely. Support is at 109.55 followed by 109.30 . “
Next 1-3 weeks: “We have expected USD / JPY to ‘drop to 108.90’ since the middle of last week. We highlight that ‘a breakout of 109.85 would indicate that the current slight downward pressure has eased.’ The pair spiked to a high of 109.83 last Friday and although 109.85 is still intact, the downward pressure has more or less dissipated. Momentum indicators have turned neutral and USD / JPY is likely to trade between 109.10 and 110.15 for now. “
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