USD/JPY: Current price movements are likely part of a consolidation phase – UOB Group
|Further range trading seems likely, probably between 157.30 and 158.30. In the longer run, current price movements are likely part of a consolidation phase, expected to be between 156.50 and 158.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/JPY range trading seems likely
24-HOUR VIEW: "After USD traded in a range on Monday, we pointed out yesterday that 'the price action did not result in an increase in either downward or upward momentum.' We expected USD to 'continue to trade in a range, most likely between 157.00 and 158.00.' USD subsequently traded between 157.10 and 158.20, closing at 157.96 (+0.31%). The price action provides no fresh clues, and further range trading seems likely, probably between 157.30 and 158.30."
1-3 WEEKS VIEW: "Not much has changed since our update yesterday (14 Jan, spot at 157.50). As mentioned, the current price movements are likely part of a consolidation phase, expected to be between 156.50 and 158.50."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.