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- USD/JPY faces potential upside to the 104.75 area - UOB
USD/JPY faces potential upside to the 104.75 area - UOB
FXStreet reports that FX Strategists at UOB Group suggest that USD/JPY keeps the positive view and could attempt a move to 104.75 in the next weeks.
24-hour view: “We highlighted yesterday USD ‘could move above the month-to-date high near 104.40’. We added, ‘a rise beyond 104.75 is unlikely’. Our view was not wrong as USD eased from 104.46 and closed at 104.21. USD rose sharply after opening this morning and the rapid pick-up in momentum suggests that USD could strengthen further but the odds for sustained advance above 104.75 are not high. For today, the next resistance at 105.00 is unlikely to come into the picture. Support is at 104.25 followed by 104.00.”
Next 1-3 weeks: “The positive outlook is deemed intact as long as USD does not move below 103.75 (‘strong support’ level was at 103.50 yesterday). Looking ahead, the next resistance above 104.75 is at 105.00.”
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