In the opinion of Lee Sue Ann, UOB Group Economist, and Quek Ser Leang, Market Strategist, further consolidation could lead USD/JPY to trade between 129.50 and 133.50 In the next weeks.
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24 hour view: “USD/JPY rallied on Wednesday to hit a high of 132.71 before easing to close 1.24% higher (at 132.62). The pullback from the high amid overbought conditions suggests that USD/JPY is unlikely to JPY advances much higher. Today, the pair is likely to move sideways between 131.30 and 132.80.”
Next 1-3 weeks: “On Tuesday (Jan 3) USD/JPY fell as low as 129.50 before recovering quickly. The bearish pressure appears to have eased and USD/JPY has likely entered a consolidation phase. From here, USD is likely to /JPY traded between 129.50 and 133.50 for a while.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
