The current price movements appear to be part of a range trading phase between 144.05 and 145.00. In the longer run, US Dollar (USD) appears to have moved into a range trading phase between 143.50 and 146.50 against Japanese Yen (JPY), UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD has moved into a range trading phase between 143.50 and 146.50
24-HOUR VIEW: “USD dropped to a low of 143.73 last Thursday and then rebounded strongly. On Friday, we indicated that USD ‘could continue to rebound, but any advance is unlikely to break clearly above 145.55.’ We also pointed out that ‘support levels are at 144.35 and 144.00.’ Our expectations did not materialise as USD traded in a range of 144.17/144.94 before closing at 144.65 (+0.19%). The price movements appear to be part of a range trading phase, mostly likely between 144.05 and 145.00.”
1-3 WEEKS VIEW: “In our latest narrative from last Wednesday (25 Jun, spot at 144.85), we indicated that USD ‘appears to have moved into a range trading phase, and it is likely to trade between 143.50 and 146.50 for the time being.’ We continue to hold the same view for now.”
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