USD/JPY could see its upside bias mitigated on a breach of the 146.85 level, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser
could see its upside bias mitigated on a breach of the 146.85 level, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: Last Friday, USD rose to a high of 147.96. Yesterday, we indicated that “despite the advance, upward momentum has not improved by much”, and we expected it to grind higher. Instead of grinding higher, USD traded sideways in a relatively narrow range between 147.54 and 147.87. The price action is likely part of a consolidation phase.
Next 1-3 weeks: Our update from yesterday is still valid. As highlighted, upward momentum has increased slightly, and USD could edge higher. At this stage, the likelihood of a sustained rise above this level is not high. On the downside, if USD breaks 146.85 would indicate that the mild upward pressure has eased. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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