According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, the USD/JPY still faces continued sideways movement within the 141.00-145.00 range.
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24 hour view: “Last Friday we highlighted that “price action appears to be part of a consolidation” and we expect USD/JPY to “trade sideways within a 142.60/143.70 range”. Although our view on the sideways movement was not wrong , USD/JPY traded in a tighter range than expected (142.82/143.68).The underlying tone has weakened and the bias for USD/JPY is leaning lower today.However, any weakness will likely be limited to a test of 142.20 (minor support is at 142.50). Resistance is at 143.30 then 143.60″.
Next 1-3 weeks: “Our latest account from last Thursday (Sep 15, USD/JPY at 143.10) still holds true. As we have highlighted, USD/JPY does not appear poised to break above 145.00 on a sustained basis. USD/JPY will trade between 141.00 and 145.00 for a while.”
Source: Fx Street
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