USD/JPY: More likely to trade in a range of 144.15/145.25 – UOB Group
|Instead of continuing to rise, US Dollar (USD) is more likely to trade in a range of 144.15/145.25 against Japanese Yen (JPY). In the longer run, USD has likely entered a range trading phase, probably between 143.50 and 145.95, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/JPY has likely entered a range trading phase
24-HOUR VIEW: "Our view for USD to consolidate yesterday was incorrect, as USD spiked to a high of 145.23 during the NY session. The sharp rise appears excessive, and instead of continuing to rise, USD is more likely to trade in a range of 144.15/145.25 today."
1-3 WEEKS VIEW: "We revised our USD view to negative on Monday (01 Jul, spot at 143.80). After USD exceeded our technical target at 142.70 (low has been 142.66), we highlighted two days ago (02 Jul, spot at 143.50) that 'while further declines are not ruled out, USD may consolidate for a couple of days first before heading lower.' Yesterday, USD soared and broke above our ‘strong resistance’ level of 144.60. Downward momentum has faded, and USD has likely entered a range trading phase, probably between 143.50 and 145.95."
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.