In the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, USD/JPY now targets the key 150.00 region in the next few weeks.
Key Quotes
24-hour view: We indicated yesterday that “the bias for USD is tilted to the upside”. However, we were of the view that “any advance is still unlikely to reach 149.50.” USD then rose more than expected, reaching a high of 149.72. The bias remains tilted to the upside, but today, 150.00 is likely out of reach. The upside bias will fade if USD breaks below 149.05 (minor support is at 149.20).
Next 1-3 weeks: Two days ago (26 Sep, spot at 148.95), we indicated that “upward momentum has improved further and USD could advance to 149.50.” Yesterday (27 Sep), USD rose to a high of 149.72. Upward momentum continues to improve, albeit not much. USD could advance further to 150.00 if it stays above 148.55 (‘strong support’ level previously at 148.10).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD ticks higher after discouraging US Retail Sales
EUR/USD keeps trading around the 1.0500 mark in the American session on Tuesday. A negative shift in risk sentiment revived the haven demand for the US Dollar earlier in the day, while tepid US Retail Sales figures put near-term pressure on the Greenback.
GBP/USD trims intraday gains and trades sub-1.2700
GBP/USD gave up early gains and trades pretty flat on the day. The data from the UK showed that the ILO Unemployment Rate held steady at 4.3% in the three months to October, while the annual wage inflation climbed to 5.2%. Poor US Retail Sales limit US Dollar demand.
Gold under pressure around $2,640
Following Monday's shallow recovery attempt, Gold remains under modest bearish pressure and trades below $2,650 on Tuesday. Growing expectations for a less dovish Fed outlook and elevated US bond yields weigh on XAU/USD ahead of the last FOMC meeting of the year.
BTC extends upside above $107K as Microstratergy and Riot expand Bitcoin holdings
Bitcoin (BTC) price trades in green, trading above $107,000 on Tuesday after reaching a record level of $107,793 the previous day. The recent rally in BTC is supported by corporations like MicroStragerty and Riot Platforms, which added more BTC to their holdings.
Will the Fed cut interest rates again and why is the dot plot important Premium
The Fed is expected to cut interest rates on Wednesday for the third consecutive meeting. Every time the Fed decides on rates, it is a crucial event as it directly affects families and businesses in the United States. Moreover, the Fed’s last meeting of the year will also be important because it will provide the outlook for what it expects to do in 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.