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- USD/JPY to trade within a sideline theme – UOB
USD/JPY to trade within a sideline theme – UOB
FX Strategists at UOB Group are expecting the USD/JPY to trade within a sideline theme in the short-term horizon.
- "24-hour view: While USD edged to a high of 106.69, the advance lacks momentum and is viewed as part of a broader sideway trading range. That said, there is room for USD to rise to further even though a break of 107.00 would come as a surprise. Support is at 106.40 followed by the stronger level at 106.20.
- Next 1-3 weeks: USD touched 105.03 earlier last week (12 Aug) before staging an outsized and rapid rebound that hit 106.97. While downward pressure has eased and the 105.03 low could be a short-term bottom, it is too early to expect a sustained recovery. Mixed indicators suggest USD could trade sideways for period and only a clear break out of the expected 105.50/107.30 sideway trading range would indicate that USD is ready for a sustained directional move”.
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