USD/JPY: Likely to trade in a range of 148.65/152.00 – UOB Group

US Dollar (USD) is likely to consolidate in a range of 149.15/150.55. In the longer run, USD weakness appears to have stabilised; it is likely to trade in a range of 148.65/152.00 for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

USD weakness appears to have stabilised

24-HOUR VIEW: “We stated last Friday that USD ‘appears to have entered a consolidation phase.’ We expected it to ‘trade in a 149.65/150.65 range.’ Despite trading in a wider range of 149.34/150.69, USD closed largely unchanged at 150.03 (-0.03%). The price movements still appear to be part of a consolidation, but the slightly softened underlying tone suggests USD is likely to trade in a lower range of 149.15/150.55 today.”

1-3 WEEKS VIEW: “Last Thursday (05 Dec, spot at 150.35), we highlighted that the recent USD weakness ‘appears to have stabilised.’ We also highlighted that ‘the current price movements are likely the early stages of a range trading phase, probably between 148.65 and 152.00.’ Our view remains unchanged.”