USD/JPY is expected to continue trading within the range of 131.30-135.60 in the coming weeks, according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Yesterday we expected USD/JPY to ‘go further’ but were of the opinion that ‘overbought conditions suggest resistance at 134.60 is unlikely to be threatened’. Our view proved correct as USD/JPY rose as high as 134.54 before quickly pulling back. The bullish momentum has stalled and USD/JPY is unlikely to move further. For today, USD/JPY is more likely to trade between 133.10 and 134.50.”
Next 1-3 weeks: “No change in our view since yesterday (Aug 3, USD/JPY at 133.50). As we have highlighted, the recent USD/JPY weakness is over. The current price action is likely the early stages of a broad consolidation phase and USD/JPY is expected to trade between 131.30 and 135.60 for now.”
Source: Fx Street
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