USD/JPY rangebound between 112.30 and 114.50 – UOB

Pablo Piovano FXStreet

USD/JPY should remain within the consolidative range in the next week, suggested FX Strategists at UOB Group.

Key Quotes

“The 113.55 target indicated yesterday was exceeded as USD hit a high of 113.77. The short-term strength is showing signs of tiring and the upside risk appears to be limited for today. From here, allow for an uptick to 113.80/85 but 114.30 is expected to cap for a pull-back to 113.10 (next support at 112.80 is strong level and is unlikely to be threatened)”.

“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 Week
1 Month
1 Quarter

1 Week

Avg Forecast 112.65

33% Bullish
33% Bearish
33% Sideways

Bias Neutral

1 Month

Avg Forecast 114.51

62% Bullish
8% Bearish
31% Sideways

Bias Bullish

1 Quarter

Avg Forecast 115.76

61% Bullish
0% Bearish
39% Sideways

Bias Bullish

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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