The US dollar is likely to trade in a range between 157.60 and 158.60. In the longer term, the US dollar appears to have entered a consolidation phase between 157.10 and 159.10, note UOB Group currency market analysts Quek Ser Leang and Peter Chia.
The USD/JPY pair appears to have entered a consolidation phase
24-hour view: “The US dollar fluctuated between 157.46 and 158.60 yesterday, closing largely unchanged at 158.15 (+0.03%). We cannot extract much from the price action. Today, the US dollar could continue to trade in a range between 157.60 and 158.60.”
1-3 week view: “While the USD rose and reached a high of 159.45 last week, it has retreated sharply this week. The immediate upward pressure has dissipated, and the USD appears to have entered a consolidation phase. Currently, we expect the USD to trade between 157.10 and 159.10.”
