USD/JPY still seen within the 103.70-104.80 range – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists keep the mixed outlook unchanged for USD/JPY in the short-term horizon.

Key Quotes

24-hour view: “USD traded between 104.21 and 104.74 yesterday (higher than our expected range of 104.10/104.60) before closing slightly higher at 104.40 (+0.10%). The underlying tone has firmed somewhat and we see chance for USD to test 104.80 first before the risk of a pull-back would increase. For today, a sustained rise above 104.80 is unlikely. Support is at 104.30 followed by 104.00.”

Next 1-3 weeks: “The recent build-up in downward momentum fizzled out as USD popped above our ‘strong resistance’ level of 104.50 yesterday (high of 104.57). The outlook is mixed now and USD could trade sideways and only a clear break below 103.70 or above 103.80 would indicate the start of a more directional price action.”

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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