USD/JPY: Likely to trade between 153.80 and 155.05 – UOB Group
|Outlook is unclear; US Dollar (USD) could trade between 153.80 and 155.05. In the longer run, for the time being, USD could trade between 153.20 and 155.05, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD might range-trade for a while
24-HOUR VIEW: "Last Friday, we were of the view that 'there is a chance for USD to rise above 155.00'. We were incorrect, as USD plunged to a low of 153.59 before snapping back up to close marginally lower at 154.54 (-0.01%). The outlook is unclear after the sharp but short-lived swings. Today, USD could trade in a range between 153.80 and 155.05."
1-3 WEEKS VIEW: "Our most recent narrative was from last Thursday (11 Nov, spot at 154.15), when we highlighted that USD 'is likely to trade with an upside bias but given that there has been no significant increase in upward momentum, any gains may be capped near 155.55'. On Friday, USD broke below our ‘strong support’ level at 153.95 (low of 153.59). Upward momentum appears to have eased, and for the time being, USD could trade between 153.20 and 155.05."
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