USD/JPY: Extra consolidation still on the table – UOB
|USD/JPY is predicted to keep the 134.75-137.00 range well in place for the time being, noted FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “We highlighted yesterday that USD ‘is likely to drift lower and test 135.10’. We added, ‘the major support at 134.75 is unlikely to come under threat’. However, USD declined more than expected as it dropped to 134.94 before rebounding strongly to end the day little changed at 135.93 (+0.04%). Downward pressure has eased and the current movement appears to be part of a consolidation phase. For today, and USD is likely to trade within a range of 135.30/136.30.”
Next 1-3 weeks: “We continue to hold the same view as from Tuesday (05 Jul, spot at 135.95). As highlighted, the current movement appears to be part of a broad consolidation phase and USD is likely to trade between 134.75 and 137.00 for now.”
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.