USD/JPY: Likely to trade trade between 150.00 and 153.00 – UOB Group
Outlook is mixed; US Dollar (USD) could trade between 150.00 and 153.00 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Recent sharp swings have resulted in a mixed outlook
24-HOUR VIEW: "USD soared to a high of 152.17 two days ago. Yesterday, when it was at 151.75, we indicated the following: 'The sharp rise appears excessive, but there is scope for USD to test 152.25 before the risk of a pullback increases. We do not expect the major resistance at 153.00 to come into view.' Our view did not materialise, as USD traded between 151.47 and 152.04, closing largely unchanged at 151.97 (+0.03%). There is still scope for USD to edge higher today, but given that there is no significant increase in upward momentum, any advance is likely part of a higher range of 151.70/152.40. We still do not expect the major resistance at 153.00 to come into view."
1-3 WEEKS VIEW: "Our update from yesterday (22 Oct, spot at 151.75) remains valid. As highlighted, 'the recent sharp but short-lived swings have resulted in a mixed outlook, and USD could trade between 150.00 and 153.00 for now'."
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