USD/JPY: Likely to trade in a range between 147.60 and 148.90 – UOB Group

FXStreet Insights Team FXStreet

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."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.