USD/JPY: Likely to trade in a range between 147.60 and 148.90 – UOB Group
|US Dollar (USD) is likely to trade in a range between 147.60 and 148.90 vs Japanese Yen (JPY). In the longer run, downward momentum has largely faded; USD is expected to trade in a range between 146.50 and 149.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Downward momentum has largely faded
24-HOUR VIEW: "USD rebounded to a high of 148.11 two days ago. Yesterday, when USD was at 148.00, we were of the view that it 'could continue to rebound, but it does not seem to have enough momentum to break above 148.80.' The anticipated rebound exceeded our expectations as USD popped to a high of 149.19 in NY session, pulling back sharply to close at 148.25 (+0.32%). The pullback in slowing momentum indicates USD is unlikely to rise further. Today, it is more likely to trade in a range between 147.60 and 148.90."
1-3 WEEKS VIEW: "Yesterday (12 Mar, spot at 148.00), we revised our view to neutral, indicating that 'downward momentum has largely faded.' We expected USD to 'trade in a range between 146.50 and 149.50.' Our view remains unchanged."
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.