USD/JPY further choppy trade ahead – UOB
|USD/JPY is expected to trade in a broad consolidative range between 108.80 and 110.60 in the next weeks, according to analysts at UOB Group.
Key Quotes
“While the strong 110.45 resistance capped the rebound in USD as expected, the subsequent down-move from the overnight high of 110.20 lacks momentum and the odds for a sustained down-move are not high. From here, as long as 110.20 is not taken out, USD is expected to drift lower to test 109.25/30 support”.
“There is no change to the current neutral view on USD. This pair is expected to trade choppily within a broad 108.80/110.60 range for the next one week or so. Looking further ahead, the current consolidation is likely a prelude for a stronger USD but 110.60 has to break before a sustained up-move can be expected”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.