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FX Strategists at UOB Group expect USD/JPY to get serious upside traction if the 109.00 barrier is cleared in the short-term.

Key Quotes

24-hour view: “USD traded between 105.13 and 107.91 yesterday, narrower than our expected 105.50/108.50 range. The outlook remains mixed and USD could continue to trade within a broad range of 105.50/107.50.”

Next 1-3 weeks: “USD jumped to a high of 108.49 last Friday before opening on a weak note this morning. Despite last week’s strong gains and the improved upward momentum, we are not convinced that USD can continue to march higher from here. As highlighted lighted last Friday, “only a clear break above 109.00 would indicate the start of a direction move”. Meanwhile, USD could continue to trade in a volatile manner between 103.00 and 109.00 (range narrowed from 101.00/109.00).”