2 Dec 2014
USD/JPY to trend sideways – UOB
FXStreet (Barcelona) - According to the Research team at UOB Group, the USD/JPY pair is expected to trend sideways for the next two days, before aiming for 119 levels again.
Key Quotes
“The expected break of last month’s peak near 118.96 was short-lived as USD reversed sharply from a high of 119.13. However, the key support at 117.68 is still intact and as long as this level continues to hold, a sustained up-move above 119.00 is still a distinct possibility. On a shorter term note, expect this pair to trade sideways for the next couple of days.”
Key Quotes
“The expected break of last month’s peak near 118.96 was short-lived as USD reversed sharply from a high of 119.13. However, the key support at 117.68 is still intact and as long as this level continues to hold, a sustained up-move above 119.00 is still a distinct possibility. On a shorter term note, expect this pair to trade sideways for the next couple of days.”