USD/JPY will continue to trade within the 138.50-141.00 range in the coming weekssuggest economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.
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24 hour view: Our view that “USD/JPY bounce would extend above 140.40” yesterday was wrong as it plunged to a low of 138.80. The rapid decline appears to have been overdone, but there is room for USD/JPY to test 138.50 before the risk of a rebound increases. In other words, USD/JPY is unlikely to clearly break below 138.50. To the upside, a break of 139.60 (minor resistance is at 139.30) would indicate that USD/JPY weakness has stabilized.
Next 1-3 weeks: Yesterday (June 8, USD/JPY at 139.95), we noted that USD/JPY “probably trades between 138.50 and 141.00”. Although for now there are no changes in our opinion, after yesterday’s sharp fall, the bearish momentum is improving, albeit timidly. Looking ahead, USD/JPY has to clearly break below 138.50 before a sustained decline is likely.
Source: Fx Street

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