USD/JPY: Outlook is mixed – UOB Group
US Dollar (USD) could edge lower; based on the current momentum, it may not reach the major support at 146.40. In the longer run, outlook is mixed; USD could trade in a range between 146.40 and 148.40, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD can trade in a range between 146.40 and 148.40
24-HOUR VIEW: " We expected 'further range-trading' yesterday, but we pointed out that 'the softer underlying tone suggests a lower range of 146.75/147.80.' However, USD traded in a lower range between 146.64 and 147.51. There has been a slight increase in downward momentum, and USD could edge lower today. Based on the current momentum, USD may not reach the major support at 146.40. Note that there is another support level at 146.60. Resistance levels are at 147.25 and 147.50."
1-3 WEEKS VIEW: "On Monday (25 Aug, spot at 147.35), we highlighted that 'the recent sharp price swings, which failed to result in a sustained directional move, have led to a mixed outlook for USD.' We expected USD to 'trade in a range between 146.40 and 148.40.' We continue to hold the same view."
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