USD/JPY: The 114.75-116.05 range is expected to persist near term – UOB

Pablo Piovano FXStreet

USD/JPY is still seen trading within the 114.75-116.05 range in the short term, in opinion of FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we expected USD to ‘to consolidate and trade between 115.10 and 115.80’. USD subsequently traded within a higher range than expected (115.24/115.87). Upward momentum has improved a tad and the bias is on the upside. That said, any advance is not expected to break the major resistance at 116.05. On the downside, a breach of 115.40 (minor support is at 115.55) would indicate that the current upward pressure has eased.”

Next 1-3 weeks: “There is not much to add to our update from Monday (14 Feb, spot at 115.40). As highlighted, the current movement is viewed as part of a consolidation and USD is likely to trade between 114.75 and 116.05 for now.”

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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