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- USD/JPY: A move to 150.00 cannot be ruled out – UOB
USD/JPY: A move to 150.00 cannot be ruled out – UOB
In light of the current price action, USD/JPY could extend further the upside momentum and reach the 150.00 level in the short-term horizon, comment UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.
Key Quotes
24-hour view: “We highlighted last Friday that USD ‘could test 148.00 first before the risk of a pullback would increase’. We did not expect the easy manner by which USD took out 148.00 and soared to 148.86. Not surprisingly, conditions are overbought but with no sign of weakness just yet, the advance in USD could extend above 149.00. For today, the major resistance at 150.00 is unlikely to come into view. On the downside, a break of 147.50 (minor support is at 148.00) would indicate that the strong upward pressure has eased.”
Next 1-3 weeks: “Last Friday (14 Oct, spot at 147.35), we indicated that further USD strength is not ruled out but in view of the overbought conditions, any advance is likely to be at a slower pace. However, USD continues to surge as it rose to 148.86 before closing on a strong note at 148.74 (+1.03%). Conditions are deeply overbought but as long as 146.60 (‘strong support’ level was at 146.20 last Friday) is not breached, further USD strength to 150.00 is still not ruled out.”
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