USD/JPY now faces some consolidation in the near term – UOB

Pablo Piovano FXStreet

USD/JPY is now predicted to navigate the 148.50-150.50 range in the next few weeks, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.

Key Quotes

24-hour view: Last Friday, we expected USD to trade sideways between 149.05 and 149.70. We did not anticipate the choppy price action wherein USD plummeted to a low of 148.51 before snapping back up to end the day little changed at 149.35 (+0.04%). The strong rebound has scope to extend but is unlikely to break clearly above 150.00. Support is at 149.20, followed by 148.90.

Next 1-3 weeks: Our latest narrative was from last Thursday (28 Sep, spot at 149.45), wherein USD “could advance further to 150.00 if it stays above 148.55.” On Friday, USD dipped briefly to a low of 148.51 before snapping back up. While upward momentum has eased somewhat, it is premature to expect a sustained pullback in USD. From here, USD could edge upwards, but any advance is likely part of a higher range of 148.50/150.50. In other words, a clear break above 150.50 is unlikely.

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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