According to Lee Sue Ann and Quek Ser Leang, UOB Group Market Strategist, USD/JPY is expected to remain trading between 130.00 and 133.00 for now.
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24 hour view: “Although we expected USD/JPY to strengthen yesterday, we were of the opinion that ‘a sustained rally above 132.20 is unlikely'”. pulling back to end the day at 132.40 (+0.75%). The pullback amid overbought conditions suggests that USD/JPY is unlikely to go much further. Today, USD/JPY is more likely to trade sideways between 131.40 and 133.00″.
Next 1-3 weeks: “Our update from yesterday (Feb 13, USD/JPY at 131.50) remains valid. As highlighted, after the recent choppy price action, the outlook for USD/JPY is mixed and it is likely to move in a wide range 130.00 to 133.00 for now. Looking ahead, if USD/JPY were to break and sustain above 133.00, the pair could move towards 134.00.”
Source: Fx Street
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