USD/JPY is still seen in the range of 134.75-137.00 short-term, say UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Yesterday we highlighted that ‘the current move appears to be part of a consolidation phase’ and we expected USD/JPY to ‘range range around 135.30/136.30’. Our view on consolidation was not wrong, although USD/ JPY moved within a narrower range than expected (135.52/136.22).Further consolidation seems likely, but the slightly firm underlying tone suggests a range higher of 135.50/136.50.”
Next 1-3 weeks: “We continue to hold the same view as on Tuesday (July 5, USD/JPY at 135.95). As we have highlighted, the current move appears to be part of a broad consolidation phase and USD/JPY is likely to trade between 134.75 and 137.00 for now.”
Source: Fx Street
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