USDJPY is expected to remain within the consolidation range of 138.50-142.50 in the coming weeks, according to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.
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24 hour view: “We expected USDJPY to “trade within a 138.90/140.20 range” yesterday. USDJPY subsequently fell as low as 138.86 before staging a surprise rally to 140.74. The rapid rise seems to be getting ahead of itself and USDJPY is unlikely to move much higher. For today, the pair is more likely to trade between 139.50 and 140.80.”
Next 1 to 3 weeks: “After USDJPY fell to 137.67 and bounced, on Wednesday (Nov 16, USDJPY at 139.35) we highlight that further USDJPY weakness is not ruled out, but strong support at 137.60 might not be in sight anytime soon, if it is Yesterday USDJPY bounced strongly to a high of 140.74 Although our “strong resistance” level at 140.80 has not been broken, the bearish momentum has more or less dissipated USDJPY appears to have entered a consolidation phase and is likely to trade within a 138.50/142.50 range for now.”
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.
