The US dollar (USD) will probably consolidate in a range of 142.90/144.30 against the Japanese Yen (JPY). In the long term, no more falls are ruled out, but the USD can consolidate for a couple of days first, FX analysts point out UOB GroupTo be Leang and Peter Chia.
No more falls are ruled out
24 -hour vision: “Yesterday, we expected the USD to break below 143.50. However, we highlight that ‘any additional fall is unlikely to reach 142.70.’ Although our opinion was correct, the USD fell more than expected to 142.66 before bouncing strongly to close in 143.43, with a fall of 0.40%.
Vision 1-3 weeks: “We review our opinion on the USD to negative yesterday (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.’ We did not expect the USD to reach 142.70 as soon as it fell to a minimum of 142.66. below 142.65 is 142.10.
Source: Fx Street
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