The upside momentum in USD/JPY could extend to the vicinity of the key 110.00 mark in the next weeks, commented FX Strategists at UOB Group.
24-hour view: “Yesterday, we expected USD to “trade sideways between 108.80 and 109.40”. USD subsequently rose to 109.48, dropped to 109.01 during London hours before trading sideways for the rest of the session. The price actions offer no fresh clues and USD could trade sideways today, likely between 109.10 and 109.60.”
Next 1-3 weeks: “Our narrative from yesterday (04 May, spot at 109.10) still stands. We continue to hold the view that there is scope for the current USD strength to extend to 109.95. That said, the prospect for such a move is not high for now. On the downside, a break of 108.55 (no change in ‘strong support’ level) would indicate that the positive phase that started late last week has ended.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.