USD/JPY: Set to rise back to 146.50 – UOB Group

The US Dollar (USD) could trade in a range, likely between 144.40 and 146.50. USD is under pressure, but it does not appear to have sufficient momentum to threaten 141.66, the low registered early this month, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

Bears may try to reach 141.66 near term

24-HOUR VIEW: “USD swung between 144.44 and 146.59 in NY trade yesterday before closing largely unchanged at 145.26 (+0.01%). We are not able to glean much out of the price action. Today, USD could trade in a range, likely between 144.40 and 146.50.”

1-3 WEEKS VIEW: “After rebounding to a high of 149.39 last week, USD fell, reaching a low of 144.44 yesterday. Downward momentum has increased, but at this time, it does not appear to be sufficiently enough for USD threaten 141.66, the low registered early this month. Note that there is another support level at 144.00. On the upside, should USD break above 148.00, it would indicate that the current downward pressure has faded.”