In opinion of FX Strategists at UOB Group, USD/JPY is likely to trade within a side-lined theme in the next weeks, although an attempt to 110.00 and beyond still remains on the cards.
Key Quotes
24-hour view: “USD did not ‘do much’ last Friday as it traded between 109.68 and 109.90, markedly narrower than our expected sideway-trading range of 109.50/110.00. Indicators are mostly flat and we continue to expect USD to trade sideways, likely between 109.60 and 110.00.”
Next 1-3 weeks: “USD traded in a quiet manner last Friday before closing not much changed at 109.74 (-0.06%). The price action offers no fresh clues and we continue to hold the same view from last Tuesday (11 Feb, spot at 109.75) wherein USD is expected to ‘trade sideways’. Looking forward, the top of the expected 109.30/110.30 range appears to be more vulnerable but the lackluster price actions over the past few days suggest the expected range could remain intact for a while more.”
Share
