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Further consolidation around USD/JPY – UOB

USD/JPY is expected to remain in the 138.50-141.00 range for nowcomment Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist.

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24 hour view: “Yesterday, USD/JPY briefly fell to 139.01 and then bounced hard to 140.24 before ending the day at 140.11. The bounce has room to extend above 140.40. The main resistance at 141.00 is unlikely to be threatened. Support is at 139.55, followed by 139.20”.

Next 1-3 weeks: “USD/JPY has been trading mostly sideways for the past few days. Price action is likely to be part of a consolidation phase. At the moment, USD/JPY is likely to trade between 138.50 and 141.00. Looking ahead , USD/JPY has to clearly break above 141.00 before a sustained rally is likely.”

Source: Fx Street

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