US Greenback (USD) might doubtlessly take a look at 145.00 towards Japanese Yen (JPY); the main resistance at 145.50 is unlikely to return below menace. Within the longer run, USD is more likely to commerce in a variety between 143.00 and 145.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
USD is more likely to commerce in a variety
24-HOUR VIEW: “Our view for ‘additional decline in USD’ final Friday was incorrect. As a substitute of declining additional, USD rebounded strongly to 144.48. The robust rebound has gathered momentum, and USD might doubtlessly take a look at 145.00 right now. An increase above this degree just isn’t dominated out, however the main resistance at 145.50 is unlikely to return below menace. On the draw back, help ranges are at 144.00 and 143.50.”
1-3 WEEKS VIEW: “Following the sharp drop in USD final Thursday, we indicated on Friday (13 Jun, spot at 143.00) that ‘not solely has the chance of a restoration dissipated, however the probability of USD declining to 142.20 has additionally elevated.’ Nonetheless, we identified, ‘ought to USD break above 144.40, it will counsel that it might commerce in a broad vary for a time frame.’ Our view was invalidated rapidly, as USD rose to a excessive of 144.48. As indicated, the breach of 144.40 suggests USD is more likely to commerce in a variety, in all probability between 143.00 and 145.50.”
