USD/JPY: Likely to trade in a range of 147.20/148.15 – UOB Group

US Dollar (USD) is likely to trade in a range of 147.20/148.15. In the longer run, a narrower range of 146.20/148.50 is likely enough to contain the price movements for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

146.20/148.50 is likely enough to contain the price movements

24-HOUR VIEW: “While we indicated last Friday that ‘there has been a slight increase in downward momentum,’ we were of the view that ‘this is likely to lead to a lower range of 146.75/147.65 rather than a sustained decline.’ We were incorrect, as USD traded between 147.10 and 148.07, before closing at 147.66 (+0.31%). This time around, there has been a slight increase in upward momentum, and this is likely to lead to USD trading in a higher range of 147.20/148.15.”

1-3 WEEKS VIEW: “We have expected USD to trade in a range since early last week. Last Friday (12 Sep, spot at 147.25), we stated that ‘we continue to expect range-trading, but a narrower range of 146.20/148.50 is likely enough to contain the price movements for now.’ There is no change in our view.”

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