USD / JPY is likely to extend the consolidation move between 103.75 and 105.20 in the coming weeks, in the opinion of UOB Group’s currency strategists.
Key Comments:
24 hour view: “USD / JPY rose to a high of 105.06 yesterday before falling rapidly again. Choppy price actions have led to mixed prospects. For today, the USD is likely to trade between 104.15 and 104.75 “.
Next 1-3 weeks: “Our view last Tuesday (Nov 10, USD / JPY at 105.15) where there is’ room for the current strong advance in USD / JPY to test the main resistance at 106.10 ‘proved incorrect as it fell below the’ strong support level ‘of 104.40 yesterday (low of 104.34). Recent sharp but short-lived changes have led to mixed prospects. In the short term, there is a slight downward bias, but any weakness is considered part of a lower trading range of 103.75 / 105.20 (a sustained decline below 103.75 is unlikely) ”.
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