USD/JPY now appears to be in a consolidating range, probably between 144.50 and 147.20according to UOB Group Economist Lee Sue Ann and Market Strategist Quek Ser Leang.
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24 hour view: After USD/JPY fell to 145.66 on Tuesday, we indicated yesterday that “although there is no clear build in bearish momentum, USD/JPY could drop below 145.65.” However, we are of the opinion that “any decline is considered part of a broad 145.35/146.70 range.” USD/JPY then traded in a tighter than expected range (145.54/146.56). Today, USD/JPY is likely to continue to trade in a range, probably between 145.60 and 146.60.
Next 1-3 weeks: We continue to hold the same view as yesterday (August 30, USD/JPY at 146.00). As we have highlighted, the recent bullish pressure has faded. At the moment, we expect USD/JPY to trade in a range between 144.50 and 147.20.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
