USD/JPY sticks to the consolidative mood – UOB
No changes to the side-lined stance in USD/JPY, as it is expected to keep trading within the 141.40-144.70 range in the next few weeks.
Key Quotes
24-hour view: “Our expectations for USD to ‘trade with a downward bias’ was incorrect as it traded between 142.93 and 143.92 before closing on a firm note at 143.72 (+0.36%). Upward momentum has improved slightly and USD could rise above 144.00. In view of the mild upward pressure, USD is unlikely able to maintain a foothold above this level. Support is at 143.20 followed by 142.80.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (20 Sep, spot at 143.00). As highlighted, we continue to expect USD to trade sideways, likely within a range of 141.40/144.70. Looking ahead, as long as there is no clear break of 141.40, USD could attempt to move above 145.00 at a later stage.”
