A greater consolidation of the US dollar (USD) would not be surprising against Japanese Yen (JPY), probably between 143.00 and 144.10. In the long term, no more falls are ruled out, but the USD could be consolidated for a couple of days first, the FX analysts of UOB Group, quek being Leang and Peter Chia.
No more falls are ruled out
24 -hour view: “The USD fell to a minimum of 142.66 two days ago and then bounced. Yesterday, when the USD was in 143.50, we pointed out that ‘the rebound in overall conditions indicates that, instead of weakening, it is more likely that the USD will consolidate in a range of 142.90/144.30 today. Subsequently, the USD was negotiated between 143.31 and 144.24.
View 1-3 weeks: “We review our USD’s perspective to negative two days ago (July 1, for 143.80), indicating that ‘the downward impulse is beginning to accumulate, and a break of 143.50 could trigger more falls around 142.70.’ The USD then fell to a minimum of 142.66 before bouncing. We will maintain the same perspective as long as 144.60 is not broken (strong resistance level ‘previously in 144.85). “
Source: Fx Street
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