USD/JPY is expected to extend the up move although 112.14 emerges as a strong hurdle, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “USD traded at a lower and narrower range than anticipated yesterday. The relatively muted price action suggests USD is still trading in a consolidation phase. In other words, we continue to expect USD to trade sideways, likely within a 110.90/111.45 range”.
Next 1-3 weeks: “Despite the overall positive indications, USD has not been able to make much headway on the upside as it traded within relatively narrow ranges over the past couple of days. We continue see scope for a higher USD even though the major 112.14 resistance is unlikely to come into the picture. Only a break of 110.50 would indicate that the current mild upward pressure has eased”.
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