USD/JPY: To trade between 147.80 and 149.20 – UOB Group
US Dollar (USD) is expected to trade in a range vs Japanese Yen (JPY), most likely between 147.80 and 149.20. In the longer run, no change in view; USD is expected to trade in a range between 146.50 and 149.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Downward momentum has largely faded
24-HOUR VIEW: "Last Friday, we expected USD to 'trade in a range between 147.45 and 148.70.' However, USD traded in a higher range of 147.74/149.02, closing at 148.62 (+0.55%). The price action did not result in a significant increase in upward momentum. We continue to expect range trading today, mostly likely between 147.80 and 149.20."
1-3 WEEKS VIEW: "Our most recent narrative was from last Wednesday (12 Mar, spot at 148.00), wherein 'downward momentum has largely faded,' and USD 'is likely to trade in a range between 146.50 and 149.50.' There is no change in our view."
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