According to Quek Ser Leang, Market Strategist at UOB Group, and Lee Sue Ann, Economist, the USD/JPY pair will trade within the 149.50-151.65 range in the coming weeks.
24-hour outlook: After USD/JPY fell sharply to 150.14 on Tuesday, we highlighted yesterday that “the rapid decline appears to have been overstated, and USD/JPY is unlikely to weaken much further.” We expected USD/JPY to trade sideways between 150.10 and 151.25. During the American session, USD/JPY briefly fell to 150.04 and then had a surprisingly strong rebound to 151.44. Today, although USD/JPY could bounce further, it is unlikely to break the main resistance at 151.65. Support is at 150.90 and 150.60.
Next 1-3 weeks: On Tuesday, USD/JPY fell sharply to a low of 150.14. Yesterday (November 15, USD/JPY at 150.55), we highlighted that “although bearish pressure has increased, it is not enough to suggest the start of a sustained decline in USD/JPY.” We add that “USD/JPY is most likely to trade in a range of 149.50151.65.” We continue to maintain the same opinion.
Source: Fx Street
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