USD/JPY: Dwindling bets for further upside – UOB – by pabspiovano USDJPY Currencies Majors Banks
appears to be losing some traction, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We noted yesterday that USD ‘appears to have moved into a consolidation phase’, and we expected it to consolidate and trade between 133.60 and 134.60. USD then traded in a range of 133.88/133.74 before closing largely unchanged at 133.22 . The price actions still appear to be consolidative and today, we expect USD to trade in a range of 133.75/134.60.
Next 1-3 weeks: “There is not much to add to our update from yesterday . As highlighted, upward momentum is beginning to fade and the likelihood of USD advancing to 135.75 is diminishing. However, only a break of 133.50 would indicate that the USD strength that started early last week has come to an end.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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