USD/JPY still seen within 128.40-131.00 – UOB
|USD/JPY is expected to keep its consolidation unchanged within the 128.40-131.00 range in the next weeks, noted FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Yesterday, we expected the sharp pullback in USD to ‘extend to 129.60’. Our expectations did not materialize as USD dropped to 129.79 before rebounding. Downward pressure has eased and USD is likely to consolidate and trade sideways between 129.80 and 130.70.”
Next 1-3 weeks: “We continue to hold the same view as from yesterday (10 May, spot at 130.10). As highlighted, USD appears to have moved into consolidation phase and is likely to trade between 128.40 and 131.00.”
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.