USD/JPY: Has a chance to rise further to 153.65 – UOB Group
|US Dollar (USD) could rise further to 153.65; the major resistance at 154.30 is unlikely to come under threat. In the longer run, downward pressure has eased; USD is likely to trade in a 151.40/154.35 range for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade in a 151.40/154.35 range
24-HOUR VIEW: "In early Asian trading yesterday, we indicated that 'the price action still appears to be part of a range trading phase, probably between 151.30 and 152.35.' USD traded in a 151.63/152.60 range, closing at 152.48 (+0.32%). It rose sharply in early Asian trade today. Although upward momentum is building rapidly, the advance appears to be running ahead of itself. That said, provided that 152.30 (minor support is at 152.60) is not breached, USD could rise further to 153.65. The major resistance at 154.35 is unlikely to come under threat."
1-3 WEEKS VIEW: "We turned negative in USD last Thursday (06 Feb, spot at 152.60). On Friday (07 Feb, spot at 151.10), we pointed out that “USD outlook remains negative, and the level to monitor is 150.00.” USD rebounded over the past couple of days, and today, it breached our ‘strong resistance’ level at 153.00. The breach of the ‘strong resistance’ level means that downward pressure has eased. The current price movements are likely part of a range trading phase. For the time being, we expect USD to trade in a 151.40/154.35 range."
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