- Analytics
- News and Tools
- Market News
- USD/JPY seems to have now moved into a consolidative phase – UOB
USD/JPY seems to have now moved into a consolidative phase – UOB
USD/JPY now seems to face a 146.50-148.50 range in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: Yesterday, we held the view that USD “could edge higher, but it is unlikely to threaten the major resistance at 149.00.” USD then eked out a fresh high of 148.45 before plummeting to end the day lower by 0.51% (147.58). While the sharp drop appears to be overdone, there is room for USD to test 147.15 before stabilisation is likely. The major support at 146.50 is unlikely to come into view. Resistance is at 147.90, followed by 148.20.
Next 1-3 weeks: On Monday (18 Sep, spot at 147.80), we highlighted that “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 (21 Sep, spot at 148.30), we highlighted that USD “Upward momentum has increased further, and USD has room to rise to 149.00.” USD then rose and eked out a fresh high of 148.45 before plummeting below our ‘strong support’ level of 147.45 (low has been 147.31). The breach of our ‘strong support’ level indicates that upward pressure has faded. For the time being, USD is likely to trade in a range, probably between 146.50 and 148.50.
© 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
