FXStreet reports that in the opinion of FX Strategists at UOB Group, USD/JPY is likely to navigate within the 109.60-110.80 range for the time being.
24-hour view: “The rebound has scope to extend but any advance is likely limited to a test of 110.55. The major resistance at 110.80 is not expected to come into the picture. Support is at 110.00 followed by 109.80.”
Next 1-3 weeks: “There is no change in our view from yesterday (21 Jun, spot at 110.20). As highlighted, the current movement is viewed as part of a consolidation phase and USD is expected to trade within a 109.60/110.80 range for now.”
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