USD/JPY faces extra consolidation near term – UOB
|According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, USD/JPY is expected to keep navigating within the 128.00-130.80 range in the near term.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the pullback in USD has room to extend but is unlikely to break 128.00’. Our view was incorrect as USD rebounded strongly from 129.01 to 130.61 before dropping quickly. USD appears to have moved into a consolidation phase and it is likely to trade between 129.10 and 130.55 today.”
Next 1-3 weeks: “The current movement in USD is likely part of a consolidation phase and we expect USD to trade within a range of 128.00/130.80 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.