There is scope for the USD/JPY pair to advance, but it does not seem to have enough momentum to break the strong resistance at 145.70. In the longer run, downward momentum is slowing; if USD breaches 145.70, it would mean that 141.66 is not coming into view for now, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
Bulls target resistance at 145.70
24-HOUR VIEW: “Yesterday, we expected USD to trade in a range between 143.80 and 145.20. However, USD rose to 145.55 before pulling back sharply, and quickly, closing at 144.98 (+0.28%). Upward momentum has increased, albeit not much. Today, there is scope for USD to advance, but it does not seem to have enough momentum to break the strong resistance at 145.70. On the downside, support levels are at 144.40 and 144.00.”
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.’ Since then, USD not been able to make further progress on the downside. Downward momentum is slowing, and if USD breaches 145.70 (no change in ‘strong resistance’ level), it would mean that 141.66 is not coming into view for now.”
(This story was corrected on August 30 at 12:15 GMT to say, in the title and in the first paragraph, that the analysts don't think the USD/JPY pair has enough momentum to break above 145.70.)
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