Extra rangebound expected in USD/JPY – UOB

Pablo Piovano FXStreet

In view of FX Strategists at UOB Group, USD/JPY should remain consolidative for the time being.

Key Quotes

24-hour view: “While our view that USD “could test 108.00 but a move below 107.75 is unlikely” was not incorrect, the subsequent surge from a low of 107.85 came as a surprise. The rapid and robust rebound has scope to extend higher but at this stage, a sustained move above 108.95 is not expected. Support is at 108.35 but the stronger level is at 108.15. The 107.85 low is not expected to come into the picture”.

Next 1-3 weeks: “Our view from yesterday (10 Jul, spot at 108.90) wherein USD is expected to move to 109.30 was proven wrong quickly as it plummeted after touching a 5-week high of 108.98. The rapid drop took out the 108.35 ‘key support’ (overnight low of 108.33). From here, USD is deemed to have moved into a sideway-trading phase and is likely to trade within a relatively broad range of 107.50 and 108.95”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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