According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, USD/JPY is expected to hold the range of 143.50-145.60 In the next weeks.
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24 hour view: “Last Friday we highlighted that USD/JPY is “likely to trade sideways between 144.00 and 145.00″. Our view on the sideways movement was not wrong, although USD/JPY traded within a narrower range than expected (144.18/ 144.82) A further sideways bias would not be surprising, but given the slightly firmer underlying tone, USD/JPY is likely to trade in a higher range of 144.30/145.20.”
Next 1 to 3 weeks: “Our last story was from last Tuesday (Sep 27, USD/JPY at 144.30), where we highlighted that the bullish momentum is starting to solidify, but USD/JPY has to close above 145.00 before it is sustained advance likely USD/JPY has been trading sideways for the past few days and momentum build-up has faded Current move is likely part of a consolidation phase and USD/JPY is likely to trade between 143.50 and 145.60″.
Source: Fx Street
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