- Analytics
- News and Tools
- Market News
- USD/JPY: Sustained gains lie above 151.30 – UOB
USD/JPY: Sustained gains lie above 151.30 – UOB
Further upside in USD/JPY now needs to clear the 151.30 level, note Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: We indicated yesterday that “there is room for USD to test 150.80 before levelling off.” We also indicated that “a sustained rise above this level is unlikely.” USD rose more than expected to 151.05. Upward momentum has increased, albeit not much. Today, USD could edge higher to 151.15 before the risk of a more sustained pullback increases. The major resistance at 151.30 is unlikely to come into view. On the downside, if USD breaks below 150.40 (minor support is at 150.60), it would mean that the current upward pressure has eased
Next 1-3 weeks: Yesterday (08 Nov, spot at 150.40), we indicated that USD “could rise above 150.80, but it has to break clearly above 151.30 before a sustained advance is likely.” USD then rose above 150.80 and reached a high of 151.05. Upward momentum has increased just a tad. For now, we continue to hold the same view that USD has to break clearly above 151.30 before a sustained advance is likely.
© 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
