USD/JPY: Extra gains now look at 151.00 – UOB

Pablo Piovano FXStreet

Further upside momentum in USD/JPY could see 151.00 revisited in the next few weeks, note Markets Strategist Quek Ser Leang and Economist Lee Sue Ann at UOB Group.

Key Quotes

24-hour view: “Yesterday, we highlighted that ‘a break of 150.00 would not be surprising but USD is unlikely to be able to maintain a foothold above this level’. The anticipated USD strength was more resilient than expected as USD rose to 150.28 and closed at 150.14 (+0.17%). Further USD strength is not ruled out but overbought conditions suggest that a sustained rise above 150.60 is unlikely (next resistance is at 151.00). On the downside, a break of 149.70 (minor support is at 149.95) would indicate that the deeply overbought advance is ready to take a breather.”

Next 1-3 weeks: “We highlighted yesterday that ‘A break of 150.00 is likely to lead to further USD strength but it might take a while before the next resistance at 150.60 comes into view’. USD subsequently took out 150.00 and rose to a high of 150.28. We continue to expect USD strength, albeit at a slower pace and any gains could be relatively limited. The next resistance above 150.60 is at 151.00. Overall, only a breach of 149.00 (‘strong support’ level was at 148.50 yesterday) would indicate that the USD strength that started more than a week ago has run its course.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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