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- USD/JPY: Upside momentum gathers extra pace – UOB
USD/JPY: Upside momentum gathers extra pace – UOB
Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group see the door open for USD/JPY to reach the 149.00 region.
Key Quotes
24-hour view: We expected USD to trade in a range of 147.50/148.10 yesterday. We did not anticipate the elevated volatility as USD traded choppily between 147.46 and 148.36 before closing at 148.33 (+0.32%). Upward momentum has increased, albeit not much. Today, USD could edge higher, but it is unlikely to threaten the major resistance at 149.00. In order to maintain the momentum, USD must stay above 147.90 (minor support is at 148.10).
Next 1-3 weeks: Our latest narrative was from three days ago (18 Sep, spot at 147.80), wherein “upward momentum has increased slightly, and USD could edge higher to 148.40, but the likelihood of a sustained rise above this level is not high.” Yesterday, USD rose to a high of 146.36. Upward momentum has increased further, and USD has room to rise to 149.00. Overall, only a break of 147.45 (‘strong support’ level previously at 147.00) would indicate that the current upward pressure has faded.
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