USD/JPY: To trade in an erratic manner – UOB Group
US Dollar (USD) could continue to trade in an erratic manner, probably in a range of 154.50/156.00. In the longer run, for the time being, USD is likely to trade in a 153.70/156.70 range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade in a 153.70/156.70 range
24-HOUR VIEW: “Our view for USD to rise above 156.00 yesterday was incorrect. USD rose to 155.88, plummeted to 154.00 before rebounding quickly to close at 154.75. It continues to rise in early Asian trade today. We are unable to derive much from the price movements. Today, USD could continue to trade in an erratic manner, probably in a range of 154.50/156.00.”
1-3 WEEKS VIEW: “We indicated yesterday that ‘while short-term upward momentum is building, it is premature to expect a sustained advance.’ We added, ‘the bias is tilted to the upside, but at this time, we view any advance as part of a higher trading range of 154.30/157.20.’ USD then fell below 154.30 before rebounding strongly from 154.00. The buildup in short-term momentum has eased. From here, we expect USD to trade in a broad range, probably between 153.70 and 156.70.”
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.