USD/JPY: Outlook is mixed – UOB Group
|US Dollar (USD) could edge lower; based on the current momentum, it may not reach the major support at 146.40. In the longer run, outlook is mixed; USD could trade in a range between 146.40 and 148.40, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD can trade in a range between 146.40 and 148.40
24-HOUR VIEW: " We expected 'further range-trading' yesterday, but we pointed out that 'the softer underlying tone suggests a lower range of 146.75/147.80.' However, USD traded in a lower range between 146.64 and 147.51. There has been a slight increase in downward momentum, and USD could edge lower today. Based on the current momentum, USD may not reach the major support at 146.40. Note that there is another support level at 146.60. Resistance levels are at 147.25 and 147.50."
1-3 WEEKS VIEW: "On Monday (25 Aug, spot at 147.35), we highlighted that 'the recent sharp price swings, which failed to result in a sustained directional move, have led to a mixed outlook for USD.' We expected USD to 'trade in a range between 146.40 and 148.40.' We continue to hold the same view."
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.