USD/JPY: No changes to the range bound theme – UOB

Pablo Piovano FXStreet

In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, USD/JPY remains poised to extend the 143.50-145.60 range for the time being.

Key Quotes

24-hour view: “We highlighted yesterday that ‘Further sideway-trading would not be surprising but in view of the slightly firmed underlying tone, USD is likely to trade within a higher range of 144.30/145.20’. USD subsequently rose briefly to 145.20 in Asian trade, dropped to 144.14 during early NY hours before rebounding to close at 144.53 (-0.15%). The overall price actions still appear to be part of sideway-trading phase and we expect USD to trade between 144.20 and 145.15 for today.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (03 Oct, spot at 144.70). As highlighted, the recent build-up in momentum has faded. The current movement appears to be part of a consolidation phase and USD is likely to trade between 143.50 and 145.60.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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