USD/JPY still eyes a test of 111.50 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group remains neutral on the pair, which still targets a potential move to the mid-111.00s.

Key Quotes

24-hour view: “USD traded between 111.87 and 112.49 last Friday, relatively close to our expected 111.80/112.50 consolidation range. With most indicators at ‘neutral’ levels, further range trading seems is expected for today, likely between 111.80 and 112.50”.

Next 1-3 weeks: “USD traded in a quiet manner last Friday and registered an ‘inside day’ before closing largely unchanged (NY close of 112.19, +0.02%). While the overall outlook is deemed as neutral, the current correction in USD has scope to extend lower to 111.50. At this stage, a sustained decline below this level seems unlikely. On the upside, only a break of the ‘key resistance’ at 113.00 would indicate that the current weak phase in USD has stabilized”.

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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