The US dollar (USD) could bounce more against Japanese Yen (JPY), but any advance is unlikely to break clearly above 145.55. In the long term, the USD seems to have entered a negotiation phase in range between 143.50 and 146.50, the FX analysts of UOB Group, quek being Leang and Peter Chia.
The USD seems to have entered a negotiation phase in range
24 hours View: “We noticed yesterday that ‘the rapid accumulation of Momentum suggests more USD falls that could potentially reach 144.25.’ We also highlight that ‘the main support in 143.50 is probably out of reach for now.’ Although the USD fell more than expected to 143.73, it bounced strongly from the minimum to close in 144.37 (-0.61%).
View 1-3 weeks: “Two days ago (June 25, Spot in 144.85), we indicate that the USD ‘seems to have entered a negotiation phase in the range, and it is likely that it will be negotiated between 143.50 and 146.50 for the moment.’ Yesterday, the USD fell to 143.73 and then bounced strongly.
Source: Fx Street
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