USD/JPY: To trade in a range of 146.90/149.20 – UOB Group
US Dollar (USD) is likely to trade in a range between 147.80 and 148.85 against Japanese Yen (JPY). In the longer run, USD strength has paused for now; it is expected to trade in a range of 146.90/149.20, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD strength has paused for now
24-HOUR VIEW: "We expected USD to trade in a range between 147.65 and 148.85 last Friday. Our view of range trading was not wrong, even though USD traded in a narrower range than expected (148.16/148.88). While USD closed at 148.81 last Friday, it traded choppily on the opening today. The price action provides no fresh clues. Today, we continue to expect range trading, probably between 147.80 and 148.85."
1-3 WEEKS VIEW: "We continue to hold the same view as last Thursday (16 Jul, spot at 148.30). As highlighted, the recent 'USD strength has paused for now,' and we expected USD to 'trade in a range of 146.90/149.20'."
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