USD/JPY seems to have entered a consolidation phase, probably between 140.80 and 144.60 in the coming weeks, say UOB Group currency strategists Quek Ser Leang and Peter Chia.
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24 hour view: “We did not expect the sharp drop in USD/JPY to 141.49 and the subsequent strong rebound from the bottom (we expected USD/JPY to trade in a range). The sharp rebound amid oversold conditions suggests that the USD/JPY to weaken further. For today, USD/JPY is more likely to consolidate and trade between 141.80 and 143.80.”
Next 1-3 weeks: “Last Friday, USD/JPY fell sharply and broke our ‘strong support’ level at 142.50. The break of ‘strong support’ indicates that the 2-week USD/JPY rally is over. Current price action is likely the first stage of a consolidation phase. Following the recent recovery, USD/JPY is likely to consolidate within a wide range of 140.80/144.60.”
Source: Fx Street
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