- Analytics
- News and Tools
- Market News
- USD/JPY: Next on the upside comes 148.00 and 148.50 – UOB
USD/JPY: Next on the upside comes 148.00 and 148.50 – UOB
The ongoing uptrend in USD/JPY could extend to the 148.00 level ahead of 148.50, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: “We highlighted yesterday that USD ‘could rise above 147.00 but is unlikely to challenge the major resistance at 147.65’. The anticipated USD strength exceeded our expectations as USD rose to a high of 147.67. While overbought, the advance could test 148.00 first before the risk of a pullback would increase. For today, 148.50 is unlikely to come under challenge. On the downside, a breach of 146.70 (minor support is at 147.00) would indicate that USD is unlikely to advance further.”
Next 1-3 weeks: “Yesterday (13 Oct, spot at 146.80), we indicated that the strong rise in USD has room to extend. We added, ‘the level to focus on is at the 1998 high near 147.65’. We did not quite expect USD to reach 147.65 so quickly as it soared to a high of 147.67 in NY trade. Further USD strength is not ruled out but in view of the overbought conditions, any advance is likely to be at a slower pace. The next level to watch is at 148.00, followed by 148.50.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
