25 Feb 2015
USD/JPY still in range – UOB
FXStreet (Barcelona) - Analysts at UOB Group view that with USD/JPY still remaining in the 117.80/120.50 range, only a break below the lower range will signal the start of a sustained downmove.
Key Quotes
“USD broke above the strong short-term resistance at 119.50 to reach an overnight high of 119.83. The subsequent sharp reversal from the high reinforces our view that this pair is still trading in a broad 117.80/120.50 range.”
“On a shorter-term note, a break below 118.30 would not be surprising but only a clear break below 117.80 would indicate the start of a sustained USD down-move.”
Key Quotes
“USD broke above the strong short-term resistance at 119.50 to reach an overnight high of 119.83. The subsequent sharp reversal from the high reinforces our view that this pair is still trading in a broad 117.80/120.50 range.”
“On a shorter-term note, a break below 118.30 would not be surprising but only a clear break below 117.80 would indicate the start of a sustained USD down-move.”