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11.03.2021, 07:21

Further upside in USD/JPY now looks unlikely – UOB

FXStreet reports that FX Strategists at UOB Group discuss USD/JPY prospects.

Next 1-3 weeks: “We have expected USD to move higher for more than a week now. In our latest narrative from yesterday (09 Mar), we held the view that ‘the outlook for USD is still clearly positive and the next level to focus on is at 109.85’. USD subsequently rose to a fresh high of 109.23 but the advance was short-lived as it fell sharply to an overnight low of 108.40. Rapid loss in shorter-term momentum has diminished the odds for further USD strength but only a break of 108.00 (no change in ‘strong support’ level) would indicate that 109.23 is the extent of the current positive phase in USD.”

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