Outlook for USD/JPY remains mixed – UOB


USD/JPY could now trade within the 109.50-110.70 range in the short-term horizon, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “While we expected USD to strengthen yesterday, we were of the view that ‘a break of the strong resistance at 110.20 is unlikely’. The subsequent USD strength exceeded our expectation as it rose 110.38. The rapid rise appears to be running ahead of itself and USD is unlikely to strengthen much further. For today, USD is more likely to trade sideways between 109.95 and 110.45.”

Next 1-3 weeks: “We noted yesterday (21 Jul, spot at 109.90) that ‘downward momentum has waned but only a break of 110.20 would indicate that USD is unlikely to weaken further’. USD subsequently broke 110.20 and rose to 110.38. Downward pressure has dissipated and USD is unlikely to weaken further. The recent sharp but short-lived swings have resulted in a mixed outlook and USD could trade within a 109.50/110.70 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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bulls brace for 200-SMA hurdle around 1.1850

EUR/USD holds onto the bounce off resistance-turned-support around 1.1845 amid a quiet post-Fed Thursday morning in Asia. In addition to the successful break of the previous resistance line, bullish MACD and ...

EUR/USD News

GBP/USD reclaims 1.3900 mark post-Powell comments, softer USD

GBP/USD continues to move higher consecutively for the past three sessions. US dollar remains persistently below 92.50 after Fed’s dovish stance. The sterling holds the ground on a remarkable drop in COVID-19 cases.

GBP/USD News

EUR/USD: Bulls brace for 200-SMA hurdle around 1.1850

EUR/USD holds onto the bounce off resistance-turned-support around 1.1845 amid a quiet post-Fed Thursday morning in Asia. In addition to the successful break of the previous resistance line, bullish MACD and ...

EUR/USD News

Dogecoin price action raises more questions than answers, while DOGE threatens a decline

Dogecoin price rebound remains unvalidated as the cryptocurrency fails to register one close above the midline of an ascending parallel channel since the July 21 breakout. Without greater conviction, DOGE is not positioned for notably higher prices.

Read more

FOMC : The statement giveth and Powell taketh away

For a moment after the FOMC statement it seemed that clarity of the hazy central bank variety had surfaced at the Federal Reserve. This sentence was added to the policy announcement, " Since then, the economy has ...

Read more

Forex MAJORS

Cryptocurrencies

Signatures