USD/JPY: Likely to trade in a range between 149.05 and 150.20 – UOB Group

US Dollar (USD) is likely to trade in a range between 149.05 and 150.20 vs Japanese Yen (JPY). In the longer run, USD appears to have moved into a 148.40/151.00 consolidation range, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY seems to be consolidating for the time being

24-HOUR VIEW: "USD briefly plummeted to 148.68 on Monday and then rebounded to close largely unchanged at 149.95 (+0.09%). Yesterday, Tuesday, when USD was at 149.80, we highlighted that 'the rebound in oversold conditions suggests instead of continuing to decline, USD is more likely to trade in a range today between 149.00 and 150.50.' USD then traded in a 148.95/150.14 range, before closing at 149.61, lower by 0.23%. The price action provides no further clues, and we continue to expect range-trading, likely between 149.05 and 150.20."

1-3 WEEKS VIEW: "Not much has changed since our update yesterday (01 Apr, spot at 149.80). As highlighted, USD 'appears to have moved into a consolidation phase and it is expected to trade in a 148.40/151.00 range for now.”