The View of FX Strategists at UOB Group, USD/JPY, is currently focusing on 109.30 area in the near term.
24-hour outlook: “USD traded yesterday before quickly rising to a high of 108.89 at the time of NY hours. The speedy recovery is performing ahead of itself, and USD will frame more the adequate 109.00 level, August’s height near 109.30 is not predicted to get into the vision, nearly for today. Sustain is at 108.60 with 108.40”.
1-3 weeks: “With the discussion on Monday (14 Oct, spot at 108.35) that “whereas the progress looks like performing ahead of itself, the risk indicates more USD intensity to 109.00”. USD jumped to 108.89 yesterday (15 Oct) before ending the time on a reliable notice at 108.84. The valuable approach remains uncut, and USD had to demolish above 109.00, a further stage to improve is August’s height near 109.30. Because of excess conditions, USD will afford to hesitate as a combination of these elevated stages would rapidly raise the chance of a short-term top. An opportunity of 108.10 (‘strong support’ level previously at 107.50) will point out the current rising demands have reduced”.