- Analytics
- News and Tools
- Market News
- USD/JPY keeps facing some consolidation – UOB
USD/JPY keeps facing some consolidation – UOB
USD/JPY is predicted to keep the 138.00-141.00 trading range in place for the time being, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: We expected USD to edge higher yesterday, but we were of the view that it “is unlikely to break clearly above 139.50.” However, USD broke above 139.50 and rose to a high of 139.99 in NY trade before trading sideways for the rest of the session. There is no clear increase in momentum and USD is unlikely to advance much further. Today, USD is more likely to trade sideways in a range between 138.80 and 140.05.
Next 1-3 weeks: We turned negative USD early last week. After USD fell to 137.23 and rebounded, we indicated on Monday (17 Jul, spot at 138.55) that “while downward momentum has slowed somewhat, only a break of 139.50 would indicate that the USD weakness has stabilized.” Yesterday (19 Jul, spot at 138.90), we indicated that “downward momentum has waned further, and the chance of USD dropping further is slim.” USD then broke above 139.50, and USD weakness has stabilized. From here, we expect USD to trade in a range for now, likely between 138.00 and 141.00.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
