UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest that USD/JPY could now move within the range of 140.80/144.60 in the short term horizon.
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24 hour view: “Yesterday we highlighted that “strong bounce amid oversold conditions suggests USD/JPY is unlikely to weaken further” and expect USD/JPY “to consolidate and trade between 141.80 and 143.80″. Consolidation was not wrong, although USD/JPY traded within a tighter range than expected (142.14/143.49).Further consolidation seems likely, expected to be between 141.90 and 143.50.”
Next 1-3 weeks: “We continue to hold the same view as yesterday (Sep 12, USD/JPY at 142.80). As highlighted, the recent 2-week strength in USD/JPY is over. The current price action is likely the first stage of a consolidation phase.After the recent rally, USD/JPY is likely to consolidate within a wide range of 140.80/144.60.”
Source: Fx Street
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