USD/JPY: Likely to rise above 149.50 – UOB Group
|The US Dollar (USD) is likely to rise above 149.50; it does not seem to have enough momentum to break clearly above 150.05. In the longer run, although momentum has not increased much; further USD strength seems likely. Levels to watch are 150.05 and 151.00, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Levels to watch are 150.05 and 151.00
24-HOUR VIEW: “We detected a “slightly firmed underlying tone” yesterday, and we expected USD to “trade in a higher range of 147.50/148.70.” However, USD rose and almost reached the major resistance at 149.40 (high has been 149.36). Today, as long as 148.50 (minor support is at 148.90) is not breached, USD is likely to rise above 149.50. At this time, it does not seem have enough momentum to break clearly above 150.05.”
1-3 WEEKS VIEW: “Our most recent narrative was from Monday (07 Oct, spot at 148.60), wherein USD “is expected to continue to rise, potentially breaking above 149.40.” Yesterday (Wednesday), USD rose to a high of 149.36. Although upward momentum has not increased much, further USD strength seems likely. Levels to watch above 149.50 are at 150.05 and 151.00. To maintain the momentum, USD must not break below 147.50 (‘strong support’ level previously at 146.40).”
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