USD/JPY: 157.50 is likely out of reach for now – UOB Group
|Increase in momentum is likely to lead to further US Dollar (USD) advance; 157.50 is likely out of reach for now. In the longer run, USD is facing mild upward pressure and could drift higher and test 157.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is facing mild upward pressure
24-HOUR VIEW: "Last Friday, USD rose and closed at 156.81, up by 0.10%. USD continues to rise upon opening today. While the increase in momentum is likely to lead to further advance, the resistance at 157.50 is likely out of reach for now. Support is at 156.75; a breach of 156.60 would mean the USD is not advancing further."
1-3 WEEKS VIEW: "While the price action in USD over the past few weeks appears to be part of a consolidation phase, the firm underlying tone suggests there is room for USD to drift higher and test 157.50. A break above 157.50 is not ruled out, but given the current mild upward momentum, USD is unlikely to threaten last month’s high, near 157.80. To sustain the mild upward momentum, USD must not break below 156.35 (‘strong support’ level)."
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.