USD/JPY seen within 107.78/108.10 – UOB

Pablo Piovano FXStreet

In view of FX Strategists at UOB Group, USD/JPY should keep the consolidation unchanged in the short-term horizon, likely between 107.78 and 108.10.

Key Quotes

24-hour view: “Our expectation for USD to “extend its decline and test the strong support at 107.50” did not materialize as it traded in relatively muted manner and within a tight range of 107.78/108.10. Momentum indicators have turned mostly ‘neutral’ with the quiet price action and USD is likely to continue to trade sideways. Expected range for today, 107.70/108.10”.

Next 1-3 weeks: “Despite the relative sharp decline last Friday (107.89, -0.54%), we continue to hold the same view as from last Thursday (11 Jul, 108.30) wherein USD is expected to trade sideways within a relatively broad 107.50/108.95 range. A test of the bottom of the range would not be surprising but a sustained decline below the next support at 107.20 is unlikely”.

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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