USD/JPY: Likely to trade between 153.10 and 155.00 – UOB Group

US Dollar (USD) is likely to trade in a range for now, likely between 153.10 and 155.00, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY is likely to trade in a range for now

24-HOUR VIEW: "We indicated yesterday that USD 'could test 154.45'. However, we stated that 'any further advance above this level is not expected to reach the major resistance at 155.00'. We pointed out that 'support is at 153.90, followed by 153.60'. Our view was not wrong, as USD rose to 154.49, fell to 153.64, and then recovered to close marginally higher at 154.15 (+0.01%). USD appears to have entered a sideways-trading phase. Today, we expect USD to trade in a range of 153.65/154.50."

1-3 WEEKS VIEW: "Our update from yesterday (11 Nov, spot at 154.15) remains valid. As highlighted, USD 'is likely to trade in a range for now, likely between 153.10 and 155.00'."