Further consolidation is now likely in USD/JPY, argue Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group. Key Quotes 2
24-hour view: We highlighted yesterday that “there is a chance for USD to break above 150.00.” However, we held the view that “the next resistance at 150.50 is unlikely to come into view.” In NY trade, USD popped briefly to a high of 150.16 and then crashed to a low of 147.37 before snapping back up to end the day at 149.02 . The wild swings have resulted in a mixed outlook, and further choppy price action is not ruled out, probably between 148.00 and 149.90.
Next 1-3 weeks: Two days ago , we highlighted that USD “could edge upwards, but any advance is likely part of a higher range of 148.50/150.50.” We added, “a clear break above 150.50 is unlikely”. Yesterday, USD swung wildly between 148.50 and 150.16. The sharp fluctuations have muddled the near-term outlook. For the time being, USD could trade in a broad range of 145.90/150.50. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD is recovering ground to near 1.0500 in the European session. The pair extends the rebound, as the US Dollar pulls back alongside the bond yields ahead of the top-tier US ADP jobs data and the ISM Services PMI. Mixed EU data fails to have any impact on the major. GBP/USD is building on the recovery gains above 1.2100 in the European session on Wednesday.
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