US Dollar (USD) is likely to trade between 144.40 and 145.50 against Japanese Yen (JPY). In the longer run, there has been a tentative buildup in momentum; for a sustained advance, USD must first break and hold above 145.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
A tentative buildup in momentum
24-HOUR VIEW: “USD edged to a low of 144.32 in the NY session yesterday, before rising sharply to close slightly lower by 0.10% at 145.10. The price action appears to be part of a range trading phase. Today, USD is likely to trade between 144.40 and 145.50.”
1-3 WEEKS VIEW: “On Monday (16 Jun, spot at 144.45), we highlighted that USD ‘is likely to trade in a range for now, probably between 143.00 and 145.50.’ Yesterday, USD rose to a high of 145.44. There has been a tentative buildup in momentum, but USD must first break and hold above 145.50 before a sustained advance can be expected. The likelihood of USD breaking clearly above 145.50 will remain intact as long as the ‘strong support’ level, now at 143.85, holds.”
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