FX Strategists at UOB Group keep the neutral stance on USD/JPY for yet another session.
Key Quotes
24-hour view: “We held the view yesterday that if USD ‘’punches’ above 108.00, it could rise swiftly to 108.40’. The anticipation for a break-out did not materialize as USD eased off to 107.33 before rebounding to briefly touch a high 108.03. The price action has resulted in a mixed outlook. For today, USD could trade between 107.25 and 108.00.”
Next 1-3 weeks: “After USD rebounded from a low of 106.96, we highlighted last Thursday (16 Apr, spot at 107.70) that ‘the recovery in USD could extend higher but any advance is viewed as part of a 107.00/109.00 range’. Since then, USD has traded in a quiet manner and within narrow ranges. The underlying tone still appears to be on the positive side but for overall, USD could continue to trade between 107.00 and 109.00 for now.”
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