USD/JPY has likely entered a consolidation phase – UOB Group

US Dollar (USD) is expected to trade in a 143.40/144.85 range vs Japanese Yen (JPY). In the longer run, USD has likely entered a consolidation phase and is likely to trade between 142.20 and 146.70 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY likely to trade between 142.20 and 146.70

24-HOUR VIEW: "Yesterday, USD dropped to a low of 143.52, closing at 143.70, down by 0.85%. Despite the decline, there has been no clear increase in downward momentum. Furthermore, conditions are oversold. The price action is likely part of a range-trading phase. Today, we expect USD to trade in a 143.40/144.85 range."

1-3 WEEKS VIEW: "The initial rebound from the late April low of 139.86 has been strong, but upward momentum has since slowed. USD has likely entered a consolidation phase, and it is likely to trade between 142.20 and 146.70 for now."