USD/JPY sticks to the rangebound trade – UOB

Pablo Piovano FXStreet

USD/JPY is still seen navigating the 108.50-109.55 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD soared to 109.17 yesterday before closing on a firm note at 109.14 (+0.35%). Robust upward momentum suggests that further USD strength is likely. That said, any advance is not expected to threaten the major resistance at 109.55 (109.30 is already quite a strong level). Support is at 108.95 followed by 108.80.”

Next 1-3 weeks: “We have expected USD to trade within a 108.50/109.55 range since last week. USD has not moved out of the expected range since then. There is no change in our view even though shorter-term upward momentum is beginning to improve. That said, at this stage, it appears too early to expect the start of sustained directional move.”

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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