USD/JPY: Rangebound between 142.40 and 144.00 – UOB Group
|The US Dollar (USD) is likely to trade in a range between 142.40 and 144.00. In the longer run, USD is likely to trade with a downward bias; the probability of it breaking the significant support at 140.80 is not high, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
Probability of breaking below 140.80 is not high
24-HOUR VIEW: “We expected USD to trade in a range between 142.00 and 143.50 yesterday. USD then traded in a wider range than expected (141.94/143.79), closing at 143.17. The price action provides no fresh clues. Today, we continue to expect USD to trade in a range, likely between 142.40 and 144.00.”
1-3 WEEKS VIEW: “Our update from yesterday (09 Sep, spot at 142.65) is still valid. As highlighted, we expect USD to trade with a downward bias. However, given the tentative buildup in momentum, the probability of USD breaking the significant support level at 140.80 is not high. To maintain the buildup in momentum, USD must not breach the ‘strong resistance’ at 144.00 (no change in level).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.