USD/JPY: Bulls may try to test 154.70 in short term – UOB Group
|The US Dollar (USD) is expected to trade in a range between 153.20 and 154.70. Weakness in USD appears to be stabilising; a breach of 155.00 would indicate that USD is not declining further, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
Closest resistance is at 154.70
24-HOUR VIEW: “After USD plummeted to 151.93 last Thursday and then rebounded, we indicated on Friday that ‘oversold conditions, combined with tentative signs of slowing momentum suggest that USD is unlikely to weaken further.’ We expected USD to trade in a range between 152.80 and 154.80. USD subsequently traded in a range of 153.11/154.73. Today, we continue to expect USD to trade in a range, probably between 153.20 and 154.70.”
1-3 WEEKS VIEW: “Our update from last Friday (26 Jul, spot at 153.50) still stands. As highlighted, the weakness in USD that started in the middle of the month appears to be stabilising. However, only a breach of 155.00 (no change in ‘strong resistance’) would indicate USD is not declining further.”
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