US Dollar (USD) has likely entered a 148.80/149.90 range trading phase vs Japanese Yen (JPY). 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.
USD can strengthen toward 150.30
24-HOUR VIEW: "Following Monday’s price action, we indicated yesterday (Tuesday), when USD was at 149.30, that 'The price movements have resulted in an increase in momentum.' While we expected USD to rise, we highlighted that 'the major resistance at 150.30 is likely out of reach for now' and we noted that 'support levels are at 149.00 and 148.70.' Our view was not wrong, as USD rose to 149.93, pulled to 149.07 before closing largely unchanged at 149.26 (+0.03%). USD has likely entered a range trading phase. Today, we expect it to trade in a 148.80/149.90 range."
1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (18 Mar, spot at 149.30). As highlighted, the recent increase in momentum indicates USD could strengthen toward 150.30. The upward momentum will remain intact as long as USD holds above 148.30."
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now