USD/JPY: The likelihood of rising to 158.00 is diminishing – UOB Group
US Dollar (USD) is likely to trade between 156.35 and 157.30. In the longer run, the likelihood of USD rising to 158.00 is diminishing, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade between 156.35 and 157.30
24-HOUR VIEW: "USD pulled back sharply to a low of 156.19 last Friday. Yesterday, when USD was at 156.70, we highlighted that 'the sharp pullback appears to be overdone, and USD is unlikely to weaken much further'. We expected USD to “trade between 156.20 and 157.35.” USD subsequently traded within a range of 156.52/157.18. The price action provides no fresh clues. Today, we expect USD to trade between 156.35 and 157.30."
1-3 WEEKS VIEW: "We turned positive on USD early last week. After USD dropped to a low of 156.19 on Friday, we indicated yesterday (24 Nov, spot at 156.70) that 'there is still a likelihood — albeit a diminishing one — that USD could rise to 158.00'. We will maintain our view as long as 156.20 (no change in ‘strong support’ level) is not breached."
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