US Dollar (USD) could rebound further against Japanese Yen (JPY), but any advance is unlikely to break clearly above 145.55. In the longer run, USD appears to have moved into a range trading phase between 143.50 and 146.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD appears to have moved into a range trading phase
24-HOUR VIEW: “We noted yesterday that ‘the rapid buildup in momentum suggests further USD declines that could potentially reach 144.25.’ We also highlighted that ‘the major support at 143.50 is probably out of reach for now.’ Although USD fell more than expected to 143.73, it rebounded strongly from the low to close at 144.37 (-0.61%). Today, USD could continue to rebound, but any advance is unlikely to break clearly above 145.55. The major resistance at 146.50 is not expected to come into view. Support levels are at 144.35 and 144.00.”
1-3 WEEKS VIEW: “Two days ago (25 Jun, spot at 144.85), we indicated that USD ‘appears to have moved into a range trading phase, and it is likely to trade between 143.50 and 146.50 for the time being.’ Yesterday, USD dropped to 143.73 and then rebounded strongly. We continue to hold the same view for now.”
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