USD/JPY is expected to embark on a consolidation phase in the coming weeks, likely within the 128.00-130.80 rangeaccording to Quek Ser Leang, UOB Group Market Strategist, and Peter Chia, Senior Currency Strategist.
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24 hour view: “We highlighted last Friday that USD/JPY ‘appears to have entered a consolidation phase and is likely to trade between 129.10 and 130.55’. Our view on consolidation was not wrong, although USD/JPY traded more range-bound narrower than expected (129.45/130.27). We continue to expect USD/JPY to consolidate, probably within a 129.35/130.30 range.”
Next 1-3 weeks: “Not much to add to our latest update from last Thursday (Jan 26, USD/JPY at 129.25). As we have highlighted, the current move in USD/JPY is likely part of a consolidation phase and we expect USD/ JPY is trading within a 128.00/130.80 range for now.”
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.
