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According to Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, USD/JPY is expected to keep trading within 130.00 and 133.00for the time being.
24-hour view: “While we expected USD to strengthen yesterday, we were of the view that ‘a sustained rise above 132.20 is unlikely’. The anticipated USD strength exceeded our expectations as USD soared to a high of 132.91 before pulling back to end the day at 132.40 (+0.75%). The pullback amid overbought conditions suggests USD is unlikely to advance much further. Today, USD is more likely to trade sideways, expected to be between 131.40 and 133.00.”
Next 1-3 weeks: “Our update from yesterday (13 Feb, spot at 131.50) is still valid. As highlighted, after the recent choppy price actions, the outlook for USD is mixed and it is likely to trade in a broad range of 130.00 and 133.00 for now. Looking ahead, if USD were to break and stay above 133.00, it could lead to an advance towards 134.00.”
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