USD/JPY faces a mixed outlook – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, USD/JPY still struggles for direction within the 103.70-104.80 range in the next weeks.

Key Quotes

24-hour view: “USD traded between 104.17 and 104.57 yesterday (higher than our expected range of 104.00/104.50) before closing little changed at 104.30. The price actions offer no fresh clues and USD could continue to trade sideways for now, likely within a 104.10/104.60 range.”

Next 1-3 weeks: “The recent build-up in downward momentum fizzled out as USD popped above our ‘strong resistance’ level of 104.50 yesterday (high of 104.57). The outlook is mixed now and USD could trade sideways and only a clear break below 103.70 or above 103.80 would indicate the start of a more directional price action.”

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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