USD/JPY keeps the neutral view unchanged – UOB

Pablo Piovano FXStreet

USD/JPY is still predicted to navigate between 105.00 and 106.00 in the short-term horizon, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD rose to a high of 105.74 yesterday before easing off to close little changed at 105.49 (+0.07%). The price actions were in line with our expectation wherein ‘a break of 105.70 is not ruled out but a sustained advance above this level appears unlikely’. The mild upward pressure has eased and the current movement is viewed as part of a consolidation phase, In other words, USD is likely to trade sideways for today, expected to be between 105.25 and 105.65.”

Next 1-3 weeks: “Last Thursday (15 Oct, spot at 105.20), we indicated that USD ‘has to close below 104.70 before a sustained decline can be expected’. USD subsequently traded in a quiet manner and the mild downward pressure has eased. Momentum indicators are mostly neutral and USD could trade between 105.00 and 106.00 for now.”

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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