FX Strategists at UOB Group can still see the The USD/JPY trying to move to 108.50 next week.
The Key Is What Others Have Said
The 24-hour view: “Yesterday, we expected the USD to be higher at 108.15 before expected slowdown”. Our expectation has not materialized as the USD declined from high or 107.98. The Momentum indicators have turned “neutral”, and for today, the USD is expected to consolidate and trade between the 107.35 and 108.00.”
The Next 1-3 weeks: “After the exchange in a quiet way for about a week, the us dollar was jolted awake as he jumped past the major 107.80 resistance (high or 108.08) before closing at 107.68 in new york (+0.33%). Although we prefer a daily closing above 107.80, and the rapid recovery of the momentum suggests the USD could head higher to 108.50 in the next few days. At this stage, the prospect is to move to the next resistance at 108.90, this is a smart move. Overall, the outlook for the USD is positive as long as the strong support at 107.15 and is not released.”