USD/JPY likely to move between 112.30 and 114.50 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, the pair should extend its rangebound theme likely between 112.30 and 114.50 in the next weeks.

Key Quotes

“USD just moved above the 113.15/20 resistance and the improved outlook suggests that a move towards 113.55 would not be surprising (next resistance is at 113.80). Support is at 112.85 followed by last Friday’s low near 112.55 which is acting as a very strong intraday support”.

“After closing lower for 3 straight days, USD ended higher yesterday and registered a modest gain. From here, the price action is still viewed as part of a 112.30/114.50 consolidation range and based on the current indicators, this range is expected to be intact for a while yet”.

1. R3 113.22
2. R2 113.10
3. R1 113.01
PP 112.89
1. S1 112.79
2. S2 112.68
3. S3 112.58

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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