USD/JPY: Bulls may try to test 145.20– UOB Group
|The US Dollar (USD) is likely to trade in a range, probably between 143.80 and 145.20. In the longer run, USD remains under pressure; increase in momentum has increased the chance of it reaching 141.66, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
USD set to breach above 145.20
24-HOUR VIEW: “We expected USD to trade with a downward bias yesterday. However, instead of declining, USD rebounded from 143.67 to 145.04 and then pulled back to close at 144.57 (+0.43%). We are not able to glean much of the price action. Today, we expect USD to trade in a range, probably between 143.80 and 145.20.”
1-3 WEEKS VIEW: “In our most recent narrative was from Monday (26 Aug, spot at 143.85), we indicated that USD ‘remains under pressure.’ We also indicated that ‘the increase in momentum from last Friday has increased the chance of it reaching 141.66, the low registered early this month.’ Over the past couple of days, USD has not been able to make much headway on the downside. However, we will continue to hold the same view provided that 145.70 (no change in ‘strong resistance’ level) is intact.”
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