USD/JPY: Set to move towards 158.80 – UOB Group
|The US Dollar (USD) is expected to trade in a 157.50/158.80 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 strategists Quek Ser Leang and Lee Sue Ann note.
USD/JPY eyes testing 158.80
24-HOUR VIEW: “Yesterday, we expected USD to trade in a 157.55/159.55 range. However, USD dipped briefly to 157.15 and then rebounded to close largely unchanged (158.01, +0.08%). The brief decline did not result in any clear increase in momentum. Today, we continue to expect USD to trade in a range, probably between 157.50 and 158.80.”
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 160.00 (‘strong resistance’ was at 160.70 yesterday).”
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