Further range bound trade is likely in USD/JPY for the time being, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: USD traded in a relatively quiet manner between 149.54 and 149.98 yesterday before closing little changed at 149.70 (-0.09%0. The quiet price action is likely part of a consolidation phase. Today, USD is likely to trade in a range between 149.30 and 150.00.
Next 1-3 weeks: Over the past week or so, USD traded in a relatively quiet manner. There is no clear directional bias for now, and USD is likely to trade in a range of 149.00/150.50 for the time being.
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