USD/JPY seems to have found a bottom at 111.60 – UOB

Pablo Piovano FXStreet

In view of FX Strategists at UOB Group, recent lows in the 111.60 region could be considered as a short-term bottom in USD/JPY.

Key Quotes

24-hour view: “USD traded sideways as expected, albeit at a narrower range than anticipated. The consolidation phase appears incomplete and further range trading is expected from here, likely within a 112.15/112.70 range”.

“As highlighted, the 111.61 low registered on Monday (15 Oct) is likely a short-term bottom and USD has moved into a 111.80/113.30 consolidation range. Looking ahead, the risk of a break of the bottom of the range appears to be higher but even then, any decline has to contend with the rather strong support zone between 111.50 and 111.60”.

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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