USD/JPY: To probably trade between 146.00 and 147.40 – UOB Group
|The US Dollar (USD) is likely to trade in a range, probably between 146.00 and 147.40. In the longer run, boost in momentum suggests USD could rise further to 148.00, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
USD could rise further to 148.00 mid term
24-HOUR VIEW: “After USD soared two days ago, we indicated yesterday that USD ‘is likely to continue to rise.’ We highlighted that ‘resistance levels are at 147.20 and 148.00.’ However, we pointed out that ‘the latter level is probably out of reach for now.’ Our view was not wrong, as USD rose to 147.24, closing at 146.92 (0.31%). Overbought conditions, combined with early signs of slowing momentum suggest USD is unlikely to advance much further. Today, USD is more likely to trade in a range, probably between 146.00 and 147.40.”
1-3 WEEKS VIEW: “Our update from yesterday (03 Oct, spot at 146.55) remains valid. As highlighted, the recent strong in USD has resulted in a boost in upward momentum. This could lead to USD rising to 148.00. To maintain the momentum, USD must remain above 144.80 (‘strong support’ level) previously at 144.00.”
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