USD/JPY expected to move higher to the 109.30 area – UOB


USD/JPY is seen pushing further north of the 109.00 handle in the next weeks, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “Expectation for USD to “edge above 109.00” did not materialize as it traded in a surprisingly subdued manner between 108.55 and 108.86. Momentum indicators are neutral and USD is likely to continue to trade sideways, expected to be between 108.00 and 108.50”.

Next 1-3 weeks: “We highlighted on Monday (14 Oct, spot at 108.35) that “while the advance appears to be running ahead of itself, the risk is for further USD strength to 109.00”. USD soared to 108.89 yesterday (15 Oct) before ending the day on a solid note at 108.84. The positive outlook is still clearly intact and if USD were to break above 109.00, the next level to focus on is at the August’s peak near 109.30. In view of the overbought conditions, USD could ill afford to dither as a consolidation at these elevated levels would quickly increase the risk of a short-term top. On the downside, a break of 108.10 (‘strong support’ level previously at 107.50) would indicate the current upward pressure has eased”.

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD under pressure just above 1.1000

Despite easing demand for the greenback, the EUR/USD pair remained subdued, holding just above the 1.1000f figure. Speculative interest waiting for a catalyst.

 

EUR/USD News

GBP/USD surges on renewed Brexit hopes

The Sterling beat all of its rivals after Brexit Party’s leader, Nigel Farage, expressed support for Conservatives. Brexit deal coming post-elections?

GBP/USD News

USD/JPY trims losses, rises back above 109.00

The USD/JPY pair trimmed losses over the last hours amid a recovery of the US dollar and despite the decline in equity prices in Wall Street.

USD/JPY News

Gold rebounds from multi-month lows, trades around $1,455

After posting its largest weekly percentage drop of the year and erasing more than $50, the troy ounce of the precious metal remained under pressure on Monday with the XAU/USD pair slumping to its lowest level since early August at $1,452.

Gold News

Central bankers link the future to blockchain projects

The race towards the tokenization of sovereign currencies has begun a long time ago, but it finally enjoying its time in the sun. China has announced its intention to create an e-Yuan, and also in Europe, institutions are considering the matter.

Read more

Forex MAJORS

Cryptocurrencies

Signatures