USD/JPY: Major resistance at 150.30 is likely out of reach for now – UOB Group
US Dollar (USD) is expected to rise vs Japanese Yen (JPY), but the major resistance at 150.30 is likely out of reach for now. In the longer run, increase in momentum indicates USD could strengthen toward 150.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Increase in momentum indicates USD can strengthen
24-HOUR VIEW: "Yesterday, we expected USD to 'trade in a range between 147.80 and 149.20.' USD then traded in a narrower range of 148.38/149.28, closing on a firm note at 149.21 (+0.40%). The price movements have resulted in an increase in momentum, and we expect USD to rise today. However, the major resistance at 150.30 is likely out of reach for now (there is another resistance level at 149.70). Support levels are at 149.00 and 148.70."
1-3 WEEKS VIEW: "Our most recent narrative was from last Wednesday (12 Mar, spot at 148.00), wherein 'downward momentum has largely faded,” and USD “is likely to trade in a range between 146.50 and 149.50.' Yesterday (Monday), USD rose to 149.28, and while it has not broken above 149.50, the increase in upward momentum indicates that it could strengthen toward 150.30. The upward momentum will remain intact as long as USD holds above 148.30."
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