USD/JPY: Likely to consolidate between 149.40 and 150.50 – UOB Group
US Dollar (USD) is expected to consolidate vs Japanese Yen (JPY) between 149.40 and 150.50. In the longer run, scope for USD to rise further, but it may find the 151.00/151.30 resistance zone difficult to break, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Scope for USD to rise further
24-HOUR VIEW: "USD soared to 150.94 yesterday, pulling back sharply to close lower by 0.52% at 149.90. The pullback in overbought conditions and slowing momentum suggests USD has likely moved into a consolidation phase. Today, we expect USD to trade between 149.40 and 150.50."
1-3 WEEKS VIEW: "After rising sharply for three straight days, USD pulled back yesterday and closed lower by 0.52% at 149.90. Despite the pullback, there is scope for USD to rise further. However, USD may find the 151.00/151.30 resistance zone difficult to break. The probability of USD rising further will remain intact as long as 149.00 (‘strong support’ level) is not breached. Meanwhile, overbought short-term conditions could lead to a couple of days of consolidation."
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