Projected trading range for USD/JPY: 144.50 to 148.50, according to UOB Group

According to analysts from UOB Group, the USD is expected to trade in a narrow range between 145.70 and 147.50. While there was some initial upward momentum, it has since dissipated and the USD is likely to continue consolidating within a range of 144.50 and 148.50. In the next 24 hours, there may be some minor fluctuations within this range, with potential for the USD to trade between 145.70 and 147.50. Looking at a longer timeframe of 1-3 weeks, the USD has been showing strength since last week, but due to overbought conditions, it may experience some range trading before any further upward movement. However, as long as the support level of 146.00 is not breached, the overall positive view on the USD remains. In a surprising turn, the USD experienced a sharp decline to 145.58 recently, and with this, the earlier upward momentum has weakened. As a result, the USD is likely to enter a consolidation phase and may trade in a wider range of 144.50 to 148.50 for now.

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