In opinion of FX Strategists at UOB Group, the outlook for USD/JPY remains neutral and the pair is still seen navigating the 114.40-116.30 range in the next weeks.
Key Quotes
24-hour view: “Our view that ‘risk for USD is on the downside’ was incorrect as it soared to a high of 115.47. The advance has room to extend but a clear break of 115.90 appears unlikely (there is another resistance at 115.70). Support is at 115.25 followed by 114.95.”
Next 1-3 weeks: “We highlighted yesterday (07 Mar, spot at 114.85) that downward momentum is beginning to build but USD has to close below 114.40 before further weakness is likely. However, USD rebounded strongly and took out our ‘strong resistance’ level at 115.40. The sharp but short-lived swings over the past few days have resulted in a mixed outlook and USD could trade in a choppy manner and within a relatively broad range 114.40/116.30.”
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