USD/JPY: Likely to trade between 151.10 and 152.70 – UOB Group
US Dollar (USD) is likely to trade in a range, probably between 151.10 and 152.70. In the longer run, USD outlook remains negative; the level to monitor is 150.00, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD outlook remains negative
24-HOUR VIEW: "After USD plummeted last Thursday, we indicated on Friday that 'while further USD weakness is not ruled out, deeply oversold conditions suggest that any decline may not reach 150.60 (minor support is at 151.00).' We pointed out that 'resistance levels are at 151.80 and 152.50.' USD subsequently swung between 150.93 and 152.41, closing largely unchanged at 151.40 (-0.03%). There has been no increase in either downward or upward momentum. Today, USD is likely to trade in a range, probably between 151.10 and 152.70."
1-3 WEEKS VIEW: "Our update from last Friday (07 Feb, spot at 151.10) is still valid. As pointed, 'USD outlook remains negative, and the level to monitor is 150.00.' We will maintain our negative view as long as 153.30 (no change in ‘strong resistance’ level) is not breached."
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FXStreet Insights Team
FXStreet
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