USD/JPY: Likelihood of USD rising to 158.00 is diminishing – UOB Group
USD is likely to trade between 156.20 and 157.35. In the longer run, the likelihood of USD rising to 158.00 is diminishing, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/JPY is likely to trade between 156.20 and 157.35
24-HOUR VIEW: "When USD was at 157.45 in the early Asian trade last Friday, we highlighted that 'although upward momentum is easing, it is too early to expect a sustained pullback'. We expected USD to 'trade between 157.00 and 158.00'. We were incorrect, as USD pulled back to a low of 156.19. The sharp pullback appears to be overdone, and USD is unlikely to weaken much further. Today, we expect USD to trade between 156.20 and 157.35."
1-3 WEEKS VIEW: "We turned positive on USD early last week. Tracking the advance, in our most recent narrative from last Thursday (20 Nov, spot at 157.10), we highlighted that 'we continue to expect a higher USD, and the level to watch is 158.00'. Last Friday, USD pulled back to a low of 156.19. As our ‘strong support’ level at 156.20 has not been clearly breached, there is still a likelihood — albeit a diminishing one — that USD could rise to 158.00."
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