In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, USD/JPY is now seen navigating the 144.50-147.20 range. Key
is now seen navigating the 144.50-147.20 range.24-hour view: Yesterday, we held the view that USD could rebound further. We were also of the view that “any advance is likely part of a higher trading range of 145.40/146.80, and a clear break above 146.80 is unlikely.” However, USD did not quite rebound as it traded between 146.00 and 146.51. The underlying tone appears to be firm. Today, USD is likely to edge higher, but it is unlikely to break the major resistance at 147.20 .
Next 1-3 weeks: Our latest narrative was from last Thursday . At that time, we were of the view that USD “is likely to trade in a range between 144.50 and 147.20.” On Friday, USD dropped briefly to 144.43, and then rebounded strongly. The price actions reinforce our view, and we continue to expect USD to trade in a range between 144.50 and 147.20.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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