The present worth actions seem like a part of a spread buying and selling part between 144.05 and 145.00. Within the longer run, US Greenback (USD) seems to have moved into a spread buying and selling part between 143.50 and 146.50 towards Japanese Yen (JPY), UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
USD has moved into a spread buying and selling part between 143.50 and 146.50
24-HOUR VIEW: “USD dropped to a low of 143.73 final Thursday after which rebounded strongly. On Friday, we indicated that USD ‘might proceed to rebound, however any advance is unlikely to interrupt clearly above 145.55.’ We additionally identified that ‘assist ranges are at 144.35 and 144.00.’ Our expectations didn’t materialise as USD traded in a spread of 144.17/144.94 earlier than closing at 144.65 (+0.19%). The worth actions seem like a part of a spread buying and selling part, principally seemingly between 144.05 and 145.00.”
1-3 WEEKS VIEW: “In our newest narrative from final Wednesday (25 Jun, spot at 144.85), we indicated that USD ‘seems to have moved into a spread buying and selling part, and it’s more likely to commerce between 143.50 and 146.50 in the intervening time.’ We proceed to carry the identical view for now.”
