USD/JPY now faces some side-lined trading – UOB – by pabspiovano USDJPY Currencies Majors Banks
could embark on a consolidation range in the next few weeks, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Yesterday, we expected USD to trade sideways between 139.70 and 140.70. We did not anticipate the surge in volatility as USD traded choppily in a wide range of 139.58/140.93. Downward momentum appears to be building and the bias for USD is tilted to the downside today.
Next 1-3 weeks: “We turned positive in USD in the middle of the month. As USD soared, in our latest narrative from Monday , we held the view that USD could break above 141.00 but the solid long-term resistance at 142.00 might not break. We added, ‘only a breach of 139.30 would indicate that the USD strength has run its course’. Yesterday , USD rose and eked out a fresh 6-month high of 140.93 and then fell sharply to close on a soft note at 139.79 . While our ‘strong support’ level of 139.
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