USD/JPY: A sustained advance is likely above 150.50 – UOB
Extra gains remain on the cards for USD/JPY once the 150.50 hurdle is cleared, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: Yesterday, we highlighted that “the rebound in USD could extend above 150.00.” We also highlighted that “the major resistance at 150.50 is unlikely to come under threat.” Our threat was not wrong as USD rose to a high of 150.31. Today, USD could rise above 150.50. As upward momentum has not increased much, it is unlikely to be able to maintain a foothold above this level. USD is also unlikely to threaten the next resistance at 151.00. Support is at 149.95; a breach of 149.75 would mean that the current upward pressure has faded.
Next 1-3 weeks: Our latest narrative was from two days ago (24 Oct, spot at 149.70), wherein USD is likely to trade in a range of 149.00/150.50 for the time being. Yesterday, USD rose to a high of 150.31. Upward momentum is beginning to improve. However, in order for USD to advance in a sustained manner, it must break and stay above 150.50. The next resistance is at 151.00. The risk of USD breaking clearly above 150.50 will remain intact as long as USD stays above 149.35 in the next couple of days.
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