USD/JPY faces some near-term consolidation – UOB

According to UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann, USD/JPY is now expected to trade between 144.00 and 152.00 in the next few weeks.

Key Quotes

24-hour view: “Yesterday, USD traded in a volatile manner and within a wide range (145.61/149.69) before settling at 148.96. The volatile price actions have resulted in a mixed outlook and USD could continue to trade in a choppy manner for today, likely between 147.40 and 150.10.”

Next 1-3 weeks: “The highly volatile price actions in USD over the past couple of days have resulted in a mixed outlook. Further volatility is not ruled out and USD could trade within a wide range of 144.00/152.00 for the time being.”