USD/JPY still faces extra consolidation – UOB
|FX Strategists at UOB Group do not rule out further upside in USD/JPY, although any move should be considered as part of a broad trading range.
Key Quotes
24-hour view: “We expected USD to ‘continue to consolidate within a 107.40/108.00 range’ yesterday. USD subsequently traded between 107.26 and 107.89, wider than our expected range. The consolidation phase over the past few days appears to be close to ending. From here, a break of 108.00 could lead to a rapid rise towards 108.40. Support is at 107.50 followed by 107.25.”
Next 1-3 weeks: “There is not much to add to our view from last Thursday (16 Apr, spot at 107.70). As highlighted, the current recovery in USD could extend higher but any advance is viewed as part of a 107.00/109.00 range. In other words, a sustained advance above 109.00 is unlikely.”
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.