USD/JPY: Expected to trade in a range between 146.50 and 149.50 – UOB Group

US Dollar (USD) is expected to trade in a range vs Japanese Yen (JPY), most likely between 147.45 and 148.70. In the longer run, downward momentum has largely faded; USD is expected to trade in a range between 146.50 and 149.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. 

Downward momentum has largely faded

24-HOUR VIEW: "Yesterday, we expected USD to 'trade in a range between 147.60 and 148.90.' USD then traded in a lower and narrower range than expected (147.39/148.37), closing at 147.81 (-0.30%). The price action did not result in an increase in either downward or upward momentum, and we continue to expect USD to trade in a range, most likely between 147.45 and 148.70." 

1-3 WEEKS VIEW: "Two days ago (12 Mar, spot at 148.00), we revised our view to neutral, indicating that 'downward momentum has largely faded.' We expected USD to “trade in a range between 146.50 and 149.50.” There is no change in our view."