USD/JPY poised for extra consolidation – UOB
|According to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, USD/JPY still faces the continuation of the side-lined mood within the 141.00-145.00 range.
Key Quotes
24-hour view: “We highlighted last Friday that ‘the price actions appear to be part of a consolidation’ and we expected USD to ‘trade sideways within a range of 142.60/143.70’. Even though our view for sideway-trading was not wrong, USD traded in a narrower range than expected (142.82/1.43.68). The underlying tone has weakened and the bias for USD today is tilted to the downside. However, any weakness is likely limited to a test of 142.20 (minor support is at 142.50). Resistance is at 143.30 followed by 143.60.”
Next 1-3 weeks: “Our latest narrative from last Thursday (15 Sep, spot at 143.10) still stands. As highlighted, USD does not appear to be ready to move above 145.00 in a sustained manner. From here, USD is likely to trade between 141.00 and 145.00 for a period of time.”
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.