USD/JPY: Likely to trade in a range between 146.90 and 148.20 – UOB Group

US Dollar (USD) is likely to trade in a range between 146.90 and 148.20 against Japanese Yen (JPY). In the longer run, USD is expected to trade in a range of 146.90/149.20, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD is expected to trade in a range

24-HOUR VIEW: "Our expectation for USD to 'trade in a range between 147.80 and 148.85' yesterday was incorrect, as USD plummeted to a low of 147.06 before rebounding. The rebound from oversold conditions suggests that USD is unlikely to weaken much further. Today, USD is likely to trade in a range between 146.90 and 148.20."

1-3 WEEKS VIEW: "Last Thursday (16 Jul, spot at 148.30), we highlighted that the recent 'USD strength has paused for now,' and we expected USD to 'trade in a range of 146.90/149.20.' Yesterday, USD fell to a low of 147.06. There has been a slight increase in downward momentum, but not enough to indicate a continued decline for now. In other words, we continue to hold the same view."