USD/JPY moved into a consolidation phase – UOB

Pablo Piovano FXStreet

The pair remains neutral and has moved into a broad consolidative range, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD reversed an initial sharp decline and rebounded sharply after touching a low of 109.53. While the recovery from the low lacks momentum, there is scope for extension to 110.40. For now, a break above the next resistance at 110.65 seems highly unlikely. Support is at 109.85 followed by the low near 109.55”.

Next 1-3 weeks: “In a last update on 14 Jun (spot at 110.25), we held the view that USD has room to move higher and ‘test’ the 111.00 resistance. USD subsequently touched a high of 110.90 but has since eased off. From here, there is no change to the neutral outlook and USD has likely moved into a broad consolidation phase and is expected to trade sideways to lower, likely between 109.10 and 110.65”.

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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