USD/JPY: Rangebound within 157.55/159.55 – UOB Group
|The US Dollar (USD) is expected to trade in a 157.55/159.55 range. Scope for USD to continue to weaken; it is too early to determine if the significant support at 155.50 will come into view, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Support at 155.50 seems unreachable for now
24-HOUR VIEW: “We indicated last Friday that USD 'could continue to trade in a volatile manner, probably between 157.30 and 160.00.' USD then fluctuated between 157.37 and 159.44, closing at 157.89 (-0.57%). The price action provides no fresh clues. Today, we expect USD to trade in a range of 157.55/159.55.”
1-3 WEEKS VIEW: “We continue to hold the same view as last Friday (12 Jul, spot at 159.00). As indicated, after the outsized drop last Thursday, there is scope for JPY to continue to weaken. However, it is too early to determine if the significant support level at 155.50 will come into view. All in all, the near-term bias is on the downside, as long as USD remains below 160.70 (‘strong resistance’ was at 161.00 last Friday).”
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