Once again the main indicator for yen's move was the Nikkei as futures were up 1.5% when USD/JPY traded up to 101.36, but it's Friday, and after a few days of one-way street, some profit taking kicked but USD/JPY is back trading comfortably above 101, notes UBS.
"Expect 100-101.50 range going into Thanksgiving Day end of next week with a favour of buying dips. 100.60 is the first support, then 99.70/80 in the "bigger" picture. Topside should be 101.40/50 as 101.39 is the 76.4% retracement of the May-June correction and 101.54 is the July 8 high," UBS adds.
For EUR/USD, UBS thinks that it could come under renewed pressure next week especially giving the recent reports about the ECB considering negative rates on bank's excess cash
"We look to be short some EURUSD on a break of 1.3460 and adding to that, if it breaks through 1.3400," UBS recommends.
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