Instead of continuing to rise, the US dollar (USD) is more likely to operate in a range of 144.15/145.25 against Japanese Yen (JPY). In the long term, the USD has probably entered a negotiation phase in the range, probably between 143.50 and 145.95, the FX analysts of UOB Group, quek being Leang and Peter Chia point out.
The USD/JPY has probably entered a negotiation phase in the range
24 -hour vision: “Our vision that the USD was consolidated yesterday was incorrect, since the USD reached a maximum of 145.23 during the NY session. The strong increase seems excessive, and instead of continuing to rise, the USD is more likely to operate in a range of 144.15/145.25 today.”
Vision at 1-3 weeks: “We reviewed our vision from the USD to negative on Monday (July 1, Spot in 143.80). After the USD exceeds our technical goal in 142.70 (the minimum has been 142.66), we highlight two days ago (July 2, spot in 143.50) that ‘although no more falls are discarded, the USD can consolidate for a couple of days before. Yesterday, the USD shot and broke above our ‘strong resistance’ level of 144.60.
Source: Fx Street
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