- Analytics
- News and Tools
- Market News
- USD/JPY: Gains could accelerate on a break above 131.15 – UOB
USD/JPY: Gains could accelerate on a break above 131.15 – UOB
Further upside in USD/JPY is expected to gather fresh traction once 131.15 is cleared, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: “Yesterday, we expected USD to ‘consolidate within a range of 129.35/130.30’. We did not expect the elevated volatility as USD dropped sharply to 129.18 before rebounding quickly to end the day at 130.44 (+0.45%). The rebound from the low has room to extend but a sustained advance above 130.80 appears unlikely (the next resistance is at 131.15). On the downside, a breach of 129.70 (minor support is at 130.05) would indicate that the current upward pressure has eased.”
Next 1-3 weeks: “In our most recent narrative from last Thursday (26 Jan, spot at 129.25), we highlighted that the movement in USD is likely part of a consolidation phase and we expected USD to trade within a range of 128.00/130.80. Yesterday, USD rose to a high of 130.59 and upward momentum is showing signs of increasing. However, USD has to break above 131.15 before a sustained advance is likely. The chance of USD breaking above 131.15 will remain in place as long as USD stays above 129.30 within the next few days. Looking ahead, the next resistance level above 131.15 is at 132.00.”
© 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
