UOB’s Quek Ser Leang and Lee Sue Ann observe USD/JPY consolidating close to 159.25 after Monday’s sharp rise, with intraday commerce anticipated between 158.95 and 159.60. Whereas momentum is powerful, deeply overbought situations restrict upside past 159.60. Over the subsequent 1–3 weeks, the bias stays tilted to the upside inside a broader 157.00–160.20 vary, with medium-term good points contingent on holding above the 21‑day EMA.
Greenback-Yen holds in elevated vary
“24-HOUR VIEW: Following the sharp rise in USD on Monday, we highlighted the next yesterday: “Sturdy momentum suggests USD might proceed to rise, however given the deeply overbought situations, any advance is more likely to keep inside a 158.60/159.60 vary. In different phrases, USD is unlikely to interrupt clearly above 159.60.” We didn’t anticipate USD to commerce in a quiet method between 158.92 and 159.38. The worth motion offers no contemporary clues. In the present day, USD might commerce between 158.95 and 159.60.”
“1-3 WEEKS VIEW: Our replace from yesterday (11 Aug, spot at 159.20) stays legitimate. As highlighted, “whereas the bias for USD is tilted to the upside, any advance is probably going half of a better vary of 157.00/160.20.””
(This text was created with the assistance of an Synthetic Intelligence instrument and reviewed by an editor. Know extra.)
