UOB Group’s FX Strategists see USD/JPY potentially receding to the 108.0 neighbourhood in the next weeks.
24-hour view: “USD traded between 108.60 and 108.96 last Friday, narrower than our expected sideway-trading range of 108.60/109.15. The quiet price actions offer no fresh clues and USD could continue to trade sideways for today, expected to be within a 108.55/108.95 range.”
Next 1-3 weeks: “USD traded in a quiet manner for the past few days. Downward momentum is beginning to wane but there is still chance for USD to move to 108.40. Further weakness to 108.00 is not ruled out but the odds for such a move are low. On the upside, a break of 109.20 (‘strong resistance’ level previously at 109.40) would indicate that the pullback that started about 2 weeks ago has run its course.”
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