USD/JPY clings to the consolidative range near term – UOB

USD/JPY is still seen navigating the 147.00-150.50 range in the next few weeks, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: We expected USD to trade in a range of 148.60/149.70 yesterday. However, USD traded in a lower and narrower range than expected (148.42/149.24). While we continue to expect USD to trade in a range, the underlying tone has softened, and it is likely to trade in a lower range of 148.10/149.10. 

Next 1-3 weeks: Our update from yesterday (09 Oct, spot at 149.20) is still valid. As highlighted, we continue to expect USD to trade in a range, albeit likely in a narrower one of 147.00/150.50.