USD/JPY: An advance to 143.00 now appears unlikely – UOB – by pabspiovano USDJPY Currencies Majors Banks
now seems to have lost some momentum, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: Yesterday, we held the view that USD “has likely moved into a consolidation phase”, and we expected it to trade between 140.70 and 141.90. USD then traded in a narrower range than expected . The price actions still appear to be consolidative. Today, we expect USD to trade in a range of 140.60/141.65.
Next 1-3 weeks: Our most recent narrative was from Monday . We highlighted that “the rapid increase in momentum is likely to lead to USD rising to 143.00.” USD has not been able to make headway on the upside, and the chance of USD rising to 143.00 has decreased. On the downside, if USD breaks below 140.00 , it would mean that 143.00 is not coming into view. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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