Scope for USD to grind decrease and check 144.95 vs Japanese Yen (JPY); a sustained break beneath this degree appears unlikely. Within the longer run, upward momentum has dissipated; USD is predicted to consolidate in a variety of 144.50/148.50 for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Scope for USD/JPY to grind decrease and check 144.95
24-HOUR VIEW: “Our view for USD to ‘commerce in a sideways vary of 145.70/147.50’ yesterday was incorrect, because it slipped decrease to 145.41. The decline didn’t end in a transparent enhance in downward momentum. However, the softness has not fairly stabilised. As we speak, there may be scope for USD to grind decrease and check 144.95. A sustained break beneath this degree appears unlikely. The key assist at 144.50 can also be unlikely to return beneath menace. On the upside, resistance ranges are at 146.00 and 146.55.”
1-3 WEEKS VIEW: “We revised our USD view to impartial yesterday (15 Might, spot 146.80). We indicated that ‘upward momentum has dissipated, and USD has seemingly entered a consolidation section.’ We held the view that USD ‘is predicted to commerce in a variety of 144.50/148.50 for now.’ There is no such thing as a change in our view.”
