USD/JPY: Likely to trade in a range of 142.95/144.40 – UOB Group
US Dollar (USD) is likely to trade in a range of 142.95/144.40 against Japanese Yen (JPY). In the longer run, price action suggests that USD is still trading in a range, most likely between 142.10 and 145.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Price action suggests that USD is still trading in a range
24-HOUR VIEW: "USD fell sharply to 142.58 on Wednesday. Yesterday, Thursday, when it was at 142.75, we indicated that 'there is scope for USD to continue to weaken, even though the major support at 142.10 is unlikely to come under threat (there is another support at 142.35).' Our view was incorrect, as USD fluctuated in a range of 142.52/143.97. Despite the choppy price action, there has been a slight increase in upward momentum. However, instead of a sustained rise, USD is more likely to trade in a higher range of 142.95/144.40."
1-3 WEEKS VIEW: "Our latest narrative was from two days ago (04 Jun, spot at 143.85), wherein the recent price action 'suggests USD is still trading in a range, most likely between 142.10 and 145.50.' We continue to hold the same view."
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