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United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/JPY remains in a range-trading phase intraday, projected between 161.20 and 161.80 after a narrow 161.25–161.73 session. On a 1–3 week horizon, they keep a positive US Dollar (USD) view, looking for a move toward the 2024 high at 162.00 while 160.90 acts as strong support.
Rangebound now but uptrend still intact
“24-HOUR VIEW: Following the choppy price action on Monday, we stated yesterday that “we are not able to derive much from the sharp swings.” We indicated that USD “could trade between 161.10 and 161.90.” USD then traded within a narrower range than expected (161.25/161.73), closing marginally higher by 0.02% at 161.57. The price movements appear to be part of a range-trading phase. Today, USD could trade between 161.20 and 161.80.”
“1-3 WEEKS VIEW: We have held a positive USD view since last Thursday. In our most recent narrative from Friday (19 Jun, spot at 161.25), we indicated that USD “could rise to the 2024 high of 162.00.” We will continue to hold this view as long as 160.90 (‘strong support’ level previously at 160.65) is not breached.”
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