USD/JPY sticks to its side-lined trading – UOB
Further range bound trade is still in the pipeline for USD/JPY in the short-term horizon, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Yesterday, we expected USD to trade in a range between 149.30 and 150.00. In early London trade, USD dropped to 149.31 and then rebounded to a high of 149.92. Upward momentum has improved slightly, and the rebound in USD could extend above 150.00. The major resistance at 150.50 is unlikely to come under threat. Support is at 149.60, followed by 149.35.
Next 1-3 weeks: Over the past week or so, USD traded in a relatively quiet manner. There is no clear directional bias for now, and USD is likely to trade in a range of 149.00/150.50 for the time being.
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