USD/JPY: Likely to trade in a range of 148.65/152.00 – UOB Group
The US Dollar (USD) is expected to consolidate in 149.65/150.65 range. In the longer run, USD weakness appears to have stabilised; it is likely to trade in a range of 148.65/152.00 for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
USD weakness appears to have stabilised
24-HOUR VIEW: “On Wednesday, USD rose to 151.22, and then pulled back. Yesterday (Thursday), when USD was at 150.35, we highlighted that ‘the pullback from the high could extend below 149.65 before stabilisation can be expected.’ Our view was not wrong, as USD dropped to 149.64, recovering to close at 150.08 (-0.35%). USD appears to have entered a consolidation phase. Today, we expect USD to trade in a 149.65/150.65 range.”
1-3 WEEKS VIEW: “After holding a negative view in USD for two weeks, we revised our outlook to neutral yesterday (05 Dec, spot at 150.35). We indicated that ‘USD weakness appears to have stabilised.’ We also indicated that ‘the current price movements are likely the early stages of a range trading phase, probably between 148.65 and 152.00.’ Our expectations remain unchanged.
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