USD/JPY: A move to 145.50 loses traction – UOB – by pabspiovano USDJPY Currencies Majors Banks
now faces dwindling bets for a probable visit to the 145.50 region, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: We noted yesterday that “the price actions appear to be consolidative” and we expected USD to trade in a range of 144.20/144.80. Our view of consolidation was not wrong even though USD traded in a lower range than expected . The underlying tone appears to have softened, and USD is likely to edge lower today.
Next 1-3 weeks: We continue to hold the same view as yesterday . As highlighted, the USD strength that started in the middle of last month is struggling to maintain its momentum. The prospect for the USD strength to extend to 145.50 appears to be low. All in all, only a break of 143.90 would suggest that the USD strength has come to an end. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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