USD/JPY: THE PAIR MAY COME BACK ABOVE 160.00 – UOB GROUP
USD could continue to trade in a volatile manner between 157.30 and 160.00. Scope for USD to continue to weaken; it is too early to determine if the significant support at 155.50 will come into view, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
Near-term bias is on the downside below 161.00
24-HOUR VIEW: “The extreme volatility yesterday was surprising, as USD nosedived to 157.41 before snapping back up, closing sharply lower at 158.80 (-1.78%). The wild swings have resulted in a mixed outlook, and USD could continue to trade in a volatile manner. Expected range for today, 157.30/160.00.”
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