Further side-lined trading appears on the cards for USD/JPY in the very near term, likely within 145.50 and 149.60, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “Our view for USD to continue to rise yesterday was incorrect as it traded choppily between 146.98 and 148.82 before closing at 148.28. Further choppy price actions appear likely even though the slightly softened underlying tone suggests a lower range of 146.60/148.60.”

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.”