USD/JPY is expected to navigate the 148.50-150.50 range in the coming weeksaccording to Market Strategist Quek Ser Leang and Senior FX Strategist Peter Chia of UOB Group.
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24-hour outlook: Last Friday, we expected USD/JPY to trade sideways between 149.05 and 149.70. We did not anticipate the choppy price action that saw USD/JPY plunge to a low of 148.51 before rising again to end the day little changed at 149.35 (+0.04%). The strong rebound has room to widen, but is unlikely to break clearly above 150.00. Support is at 149.20, followed by 148.90.
Next 1-3 weeks: Our last comment was last Thursday (September 28, USD/JPY at 149.45), according to which USD/JPY “could continue to advance to 150.00 if it stays above 148.55.” On Friday, USD/JPY briefly fell to a low of 148.51 before rising again. While bullish momentum has eased somewhat, it is premature to expect a sustained USD/JPY pullback. From here, USD/JPY could rise, but any advance will likely be part of an upper range of 148.50/150.50. In other words, a clear break above 150.50 is unlikely.
Source: Fx Street
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