USD/JPY: Breach of 148.40 to indicate USD is not rising further – UOB Group
|The US Dollar (USD) is expected to trade in a range, likely between 148.90 and 149.90. In the longer run, there has been no further increase in momentum; a breach of 148.40 would indicate that USD is not rising further, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
To trade between 148.90 and 149.90
24-HOUR VIEW: “We expected USD to trade in a 148.55/149.60 range yesterday. USD then traded between 148.86 and 149.81, closing 149.62 (+0.29%). The price movements provide no fresh clues, and we continue to expect USD to trade in a range, likely between 148.90 and 149.90.”
1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (16 Oct, spot at 149.10). As highlighted, the price action over the past few days did not result in further increase in momentum. From here, a breach of 148.40 (no change in ‘strong support’ level) would indicate that USD is not rising further. Note that we have held a positive USD view since the start of the month. On the upside, if USD were to break and remain above 150.05, it would increase the chance of it rising further to 151.00.”
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