The USD / JPY is still targeting the 110.00 region on the short-term horizon, say UOB Group currency strategists.
Key Comments:
24 hour view: “Yesterday, we expected USD / JPY to ‘trade sideways between 109.10 and 109.60’. Subsequently, USD / JPY moved within a tighter range than expected (109.13 / 109.47). Momentum indicators remain mostly Neutral and USD / JPY could continue to move sideways today, probably between 109.10 and 109.50 “.
Next 1-3 weeks: “Our narrative for Tuesday (May 4, USD / JPY at 109.10) still stands. We continue to hold the view that there is scope for the current USD / JPY strength to extend to 109.95. That said, the outlook for such a move is not high for now. On the downside, a breakout of 108.55 (unchanged from the ‘strong support’ level) would indicate that the positive phase that started late last week is over. “
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