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USD/JPY: Bearish pressure seems attenuated – UOB

The selling bias around USD/JPY appears to be losing momentumaccording to Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist.

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24 hour view: We expected USD/JPY to consolidate in a range of 146.80/147.65 yesterday. In line with our view, USD/JPY consolidated, although in a narrower range than expected (147.00/147.56). USD/JPY closed little changed (147.47, +0.01%), and looks likely to continue consolidating. Predicted range for today, 146.95/147.65.

Next 1-3 weeks: Our update from yesterday (September 14, USD/JPY at 147.30) is still valid. As we highlighted, the recent mild bearish pressure is starting to subside, and the chances of a further decline in USD/JPY have diminished. However, only a clear break of 147.80 (no change to the “strong resistance” level) would invalidate our view that USD/JPY could decline further.

Source: Fx Street

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