Japanese Yen: Range trading holds against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann see USD/JPY in a near-term range, expecting the Dollar to trade between 157.80 and 158.50 in the 24-hour view. For the 1–3 weeks horizon, they maintain a broader 157.50–159.05 range. Over 1–3 months, they highlight building downward momentum that points to further USD/JPY weakness, though reaching the January low at 152.08 is still uncertain.
Dollar seen consolidating in broad band
"24-HOUR VIEW: USD rose to 158.94 and then fell sharply. When it was at 158.00 yesterday, we indicated that “while downward momentum is starting to build, any further decline may not reach the major support at 157.50.” USD then declined to 157.53 before rebounding to close at 157.98 (-0.21%). Downward momentum has eased with the rebound. Today, we expect USD to range-trade, most likely between 157.80 and 158.50."
"1-3 WEEKS VIEW: On Wednesday (14 Oct, spot at 158.35), we highlighted that USD “has likely moved into a range-trading phase between 157.50 and 159.05.” Two days ago, USD spiked to a high of 158.94. Yesterday, USD declined to 157.53 and then rebounded. As our expected range remains intact, we continue to hold the same view for now."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BUZZ—US Stock Market Updates: CoreWeave, Travelers, Tesla
Bank of America Hartnett: "Still inclined toward risk aversion" in the coming weeks, as US Treasuries set a four-year record for longest inflow streak
U.S. equity funds attracted $39 billion in inflows in a single week, pushing the annualized scale toward a historic high, while U.S. Treasuries also saw capital inflows for 16 consecutive weeks. However, Bank of America strategist Hartnett warns that due to rising real yields, the performance of AI and banking stocks, and the volatility of the midterm elections, there is still a preference for risk aversion in the coming weeks.
RBC Cuts Price Target on Equifax to $177 From $194, Keeps Outperform Rating
Crypto prices
More
