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- USD/JPY: Next target emerges at the 144.00 level - UOB
USD/JPY: Next target emerges at the 144.00 level - UOB
Extra gains in USD/JPY could see the 144.00 region revisited in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: The strong surge in USD that sent it soaring to a high of 143.23 came as a surprise (we were expecting it to trade in a range). The sharp and swift rally appears to be overdone but with no sign of weakness just yet, USD is likely to continue to strengthen. However, the next major resistance at 144.00 is highly unlikely to come into view. In order to keep the momentum going, USD must stay above 142.35 (minor support is at 142.70).
Next 1-3 weeks: After USD edged to a high of 142.39 on Wednesday, we highlighted yesterday (22 Jun, spot at 141.80) that “upward momentum has not improved much.” We added, “as long as the ‘strong support’ level at 141.00 is not breached, USD could grind higher to 142.70.” We did not anticipate USD to surge to a high of 143.23 in NY trade. The price actions suggest USD is likely to continue to rise. The next level to watch is 144.00. At this stage, it is too soon to tell if the USD strength that started last week could break clearly above this level. On the downside, the ‘strong support’ level has moved higher to 141.60 from 141.00.
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