USD/JPY is now predicted to navigate the 148.50-150.50 range in the next few weeks, comment Markets Strategist Quek Ser Leang and Senior FX Strategist
is now predicted to navigate the 148.50-150.50 range in the next few weeks, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: Last Friday, we expected USD to trade sideways between 149.05 and 149.70. We did not anticipate the choppy price action wherein USD plummeted to a low of 148.51 before snapping back up to end the day little changed at 149.35 . The strong rebound has scope to extend but is unlikely to break clearly above 150.00.
Next 1-3 weeks: Our latest narrative was from last Thursday , wherein USD “could advance further to 150.00 if it stays above 148.55.” On Friday, USD dipped briefly to a low of 148.51 before snapping back up. While upward momentum has eased somewhat, it is premature to expect a sustained pullback in USD. From here, USD could edge upwards, but any advance is likely part of a higher range of 148.50/150.50. In other words, a clear break above 150.50 is unlikely.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech in focus. GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range.
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