USD/JPY: Likely to trade between 151.30 and 152.35 – UOB Group
|US Dollar (USD) is likely to trade in a range, probably between 151.30 and 152.35. In the longer run, USD outlook remains negative; the level to monitor is 150.00, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD outlook remains negative
24-HOUR VIEW: “Following last Friday’s price movements, we indicated yesterday (Monday) that ‘there has been no increase in either downward or upward momentum.’ We were of the view that USD ‘is likely to trade in a range between 151.10 and 152.70.’ USD subsequently traded in a narrower range than expected (151.24/152.53). The price action still appears to be part of a range trading phase, probably between 151.30 and 152.35.”
1-3 WEEKS VIEW: “We turned negative in USD last Thursday (06 Feb, spot at 152.60). On Friday (07 Feb, spot at 151.10), we pointed, ‘USD outlook remains negative, and the level to monitor is 150.00. We will maintain our negative view as long as 153.00 (‘strong resistance’ level previously at 153.30) is not breached.”
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