In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, in addition consolidation may want to inspire USD/JPY to exchange between 129.50 and 133.50 in the subsequent few weeks.
24-hour view: “USD soared as it surged to a excessive of 132.71 earlier than easing off to shut greater via 1.24% (132.62). The pullback from the excessive amid overbought prerequisites suggests USD is not going to increase a whole lot further. Today, USD is probable to change sideways between 131.30 and 132.80.”
Next 1-3 weeks: “On Tuesday (Jan 3) the USD dropped to 129.50 earlier than unexpectedly recovering. Downward strain seems to have eased and USD has probable moved into a consolidation phase. From here, USD is probable to change between 129.50 and 133.50 for a duration of time.”