The USDJPY is facing a larger trading range, probably between 138.50 and 142.50in the coming weeks, suggest UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang.
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24 hour view: “Last Friday, we held the view that USDJPY was unlikely to move further” and expected it to “trade between 139.50 and 140.80”. Subsequently, the USDJPY traded in a tighter range than expected (139.62/140.50). Momentum indicators are mostly neutral and we expect the USDJPY to trade sideways today, probably within a 139.65/140.60 range.”
Next 1-3 weeks: “Our update from last Friday (Nov 18, USDJPY at 140.30) still stands. As we have highlighted, USDJPY appears to have entered a consolidation phase and is likely to trade within a 138.50/142.50 range for the time being. “
Source: Fx Street
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