In the opinion of UOB Group currency strategists, the USD/JPY it is now holding its attention at the key level of 104.00.
Key Comments:
24 hour view: “USD / JPY traded between 104.53 and 104.93 last Friday, tighter than our expected consolidation range of 104.55 / 105.15. The underlying tone has weakened a bit and although the pair could move lower, weakness is expected to remain within a lower trading range of 104.40 / 105.00. In other words, a sustained drop below 104.40 is not expected. ”
Next 1-3 weeks: “It is expected that the USD / JPY ‘remains defensive, but it remains to be seen if it can break the September low near 104.00’. On the upside, a breakout of 105.40 would indicate that the current downside risk has dissipated. “
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Credits: Forex Street
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