USD/JPY: Outlook for USD is unclear after wild swings – UOB Group
|US Dollar (USD) is likely to trade in a range of 143.25/144.30. In the longer run, the outlook for USD is unclear after wild swings; for the time being it could trade between 142.10 and 146.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/JPY likely to trade in a range of 143.25/144.30
24-HOUR VIEW: "USD rose and then fell sharply last Thursday. On Friday, we indicated that 'the sharp drop could extend, but oversold conditions indicate that any decline is unlikely to reach 142.80.' Our expectations did not materialise, as USD traded in a range of 143.41/144.44 before closing modestly lower by 0.10% at 144.04. Downward momentum has increased slightly, but rather than a sustained decline, USD is more likely to trade in a lower range of 143.25/144.30."
1-3 WEEKS VIEW: "There is no change in our view from last Friday (30 May, spot at 143.95). As indicated, 'after the wild swings, the outlook for USD is unclear.' For the time being, USD could trade within last week’s wide range, between 142.10 and 146.30."
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.