USD/JPY: Set to test 152.50 in short-term – UOB Group
|Impulsive momentum suggests further USD weakness; support levels are at 152.50 and 152.00, followed by 151.30, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Support levels are at 152.50, 152.00 and 151.30
24-HOUR VIEW: “While we expected USD to decline further yesterday, we indicated that ‘it remains to be seen if it can maintain a foothold below 155.35.’ The subsequent price action was surprising, as USD nose-dived to a low of 153.09. The impulsive momentum suggests further USD weakness. Support levels are at 152.50 and 152.00, while resistance levels are at 154.10 and 154.70.
1-3 WEEKS VIEW: “Yesterday (24 Jul, spot at 155.85), we noted that ‘downward momentum is picking up again.’ We indicated that ‘if USD breaks and stays below 155.35, the next level to watch is 154.50.’ USD subsequently not only broke below 155.35 but also plummeted to 153.09. We continue to expect USD weakness. The next level to monitor is at 152.00, followed by 151.30. The USD weakness that started more than a week will remain in place as long as 155.00 (‘strong resistance’ level was at 157.15 yesterday) is not breached.”
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