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USD/JPY could now face some consolidation – UOB

According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, USD/JPY is now seen trading in the range of 129.00-131.25 In the next weeks.

Key comments

24 hour view: “USD/JPY moved relatively quietly yesterday. Momentum indicators are largely unchanged and USD/JPY is likely to consolidate further and move between 129.60 and 130.35.”

Next 1-3 weeks: “After rallying to a high of 131.24 last Thursday (April 28), USD/JPY pulled back and moved sideways the past few days. Upside momentum is starting to wane and USD/JPY could continue to consolidate from here, probably between 129.00 and 131.25. Looking ahead, USD/JPY has to move and stay above 131.25 before further sustained advance is likely.”

Source: Fx Street

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