USD/JPY faces further consolidation within the 145.50-149.60 range in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “Yesterday, USD whipsawed as it plunged to a low of 145.66 in NY trade before snapping back up to close at 147.90. The volatile price actions have resulted in a mixed outlook and further choppy movement would not be surprising, likely between 146.40 and 148.40.”

Next 1-3 weeks: “On Monday (31 Oct, spot at 148.00), we highlighted that USD appears to have moved into a consolidation phase and is likely to trade between 145.50 and 149.60 for the time being. There is no change in our view for now.”