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- USD/JPY could challenge 145.00 and above in the near term – UOB
USD/JPY could challenge 145.00 and above in the near term – UOB
Further upside could motivate USD/JPY to surpass the 145.00 hurdle in the short-term horizon, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Yesterday, USD rose to high of 143.77. Upward momentum is building, and USD is likely to rise further. A break of 144.00 is not ruled out, but the major resistance at 145.05 is unlikely to come into view today. There is another resistance at 144.40. Support is at 143.40, followed by 143.00.
Next 1-3 weeks: Our view from Monday (07 Aug, spot at 141.60) wherein USD “could trade in a range of 140.00/141.30” was invalidated when USD broke clearly above 143.30. Upward momentum is building again, and USD is likely to trade with an upward bias towards the major resistance level at 145.05. However, if USD breaks below 142.50 (‘strong support’ level), it would suggest that the buildup in upward pressure has faded.
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