FXStreet reports that UOB Group’s FX Strategists discusses USD/JPY prospects.
Next 1-3 weeks: “We have held a positive view in USD for more than 2 weeks now. In our latest narrative from last Wednesday, we highlighted that ‘the sharp pullback from 109.23 has diminished the odds for further USD strength’. We added, USD ‘has to push higher soon as a prolonged consolidation at these overbought levels would quickly increase the risk of a deeper pullback’. While USD rose to 109.16 on Friday (12 Mar), upward momentum has not improved by much. USD has to close above 109.25 before a sustained rise to 109.85 can be expected. Meanwhile, the current positive phase is deemed intact as long as USD does not move below 108.20 (‘strong support’ level was previously at 108.00).”
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