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- USD/JPY: A move to 150.00 should not be ruled out – UOB
USD/JPY: A move to 150.00 should not be ruled out – UOB
Despite the current overbought conditions, USD/JPY could still attempt a move to the 150.00 region in the short term, note UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann.
Key Quotes
24-hour view: “Yesterday, we held the view that ‘as long at 147.75 is not breached USD could continue to rise but 150.00 is still unlikely to come into view’. USD subsequently rose to 149.34 before closing with a modest gain of 0.15% (149.26). Conditions remain deeply overbought but USD could continue to advance even though we still think that 150.00 is unlikely to come into view for now (there is a minor resistance at 149.60). On the downside, a break of 148.40 (minor support is at 148.70) would indicate that the current upward pressure has eased.”
Next 1-3 weeks: “There is not much to add to our update from Monday (17 Oct, spot at 148.50). As highlighted, conditions are deeply overbought but further USD strength to 150.00 is not ruled out. Overall, only a breach of 147.90 (‘strong support’ level was at 147.20 yesterday) would indicate that USD is unlikely to strengthen further.”
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