It is expected that USD/JPY hold the range of 134.75-137.00 for now, according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Yesterday we highlighted that USD/JPY ‘likely to veer lower and test 135.1’.” We add that ‘major support at 134.75 is unlikely to be challenged’. However, USD/JPY was lower than expected and fell as low as 134.94 before bouncing hard to end the day little changed at 135.93 (+0.04%). Downside pressure has subsided and the current move appears to be part of a consolidation phase. For today, USD/JPY is likely to trade in a range of 135.30/136.30.”
Next 1-3 weeks: “We continue to hold the same view as on Tuesday (July 5, USD/JPY at 135.95). As we have highlighted, the current move looks to be part of a broad consolidation phase and USD/JPY is likely to trade between 134.75 and 137.00 for now.”
Source: Fx Street
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