USD/JPY expected to trade in a range between 146.70 and 148.00 – UOB Group
|US Dollar (USD) is expected to trade in a range between 146.70 and 148.00. In the longer run, outlook is mixed; USD could trade in a range between 146.40 and 148.40, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Outlook for USD/JPY is mixed
24-HOUR VIEW: "USD plunged to a low of 146.54 last Friday and then rebounded. Yesterday, when it was at 147.35, we pointed out that 'the rebound from oversold conditions indicates that instead of continuing to decline, USD is more likely to trade in a range between 146.80 and 147.85.' USD then traded in a wider range than expected (146.69/147.93), closing at 147.77, up by 0.57%. The price action still appears to be part of a range-trading phase. Today, we expect USD to trade between 146.70 and 148.00."
1-3 WEEKS VIEW: "Our update from yesterday (25 Aug, spot at 147.35) remains valid. As highlighted, 'The recent sharp price swings, which failed to result in a sustained directional move, have led to a mixed outlook for USD. For the time being, USD could trade in a range between 146.40 and 148.40'."
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