USD/JPY sticks to the consolidation theme – UOB
|In opinion of FX Strategists at UOB Group, USD/JPY is likely to navigate within the 109.60-110.80 range for the time being.
Key Quotes
24-hour view: “Our expectation for USD to ‘trade between 109.90 and 110.45’ was incorrect as it dropped to 109.70 before rebounding strongly (high has been 110.34). The rebound has scope to extend but any advance is likely limited to a test of 110.55. The major resistance at 110.80 is not expected to come into the picture. Support is at 110.00 followed by 109.80.”
Next 1-3 weeks: “There is no change in our view from yesterday (21 Jun, spot at 110.20). As highlighted, the current movement is viewed as part of a consolidation phase and USD is expected to trade within a 109.60/110.80 range for now.”
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.