USD/JPY still locked within the consolidative stance – UOB
FX Strategists at UOB Group note USD/JPY is expected to keep the 108.80-110.00 range for the time being.
Key Quotes
24-hour view: “Yesterday, we highlighted that ‘the sharp drop appears to be running ahead of itself but there is room for USD to dip below the strong support at 109.30’. Our expectation did not materialize as USD dipped to 109.31 before rebounding. While the underlying tone has firmed, any advance in USD is likely limited to a test of 109.80. The major resistance at 110.00 is not expected to come into the picture. Support is at 109.45 followed by 109.30.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (01 Jun, spot at 109.45). As highlighted, the recent USD strength has ended sooner than expected and USD is likely to consolidate and trade between 108.80 and 110.00 for now.”
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.